Formosa Selects AllAssets to Optimize Chemical Plant Maintenance

Source: 4/8/2021, Location: Asia

Once deployed AllAssets will optimize the inspection and maintenance of over 90 plants in Taiwan by managing the integrity and reliability of their industrial assets.

LR is to deploy its asset performance and risk management solution AllAssets across 94 of Formosa Plastic Group's Taiwanese plants, it has announced today.

Formosa Plastics Group, one of Taiwan's top petrochemical companies and a world leading producer of polyvinyl chloride resins, is working with Lloyd's Register to achieve operational excellence through Industry 4.0. The partnership is part of a companywide programme of digitalization that Formosa Plastics Group has introduced to enhance long-term competitiveness while maintaining its commitment to environmental protection, social prosperity and economic development.

Lloyd's Register will deploy its AllAssets solution to reduce risk, optimize task intervals and increase asset reliability by managing integrity across their industrial assets. The petrochemicals giant will benefit from the solution's low code approach and Model Designer tool, which will be used to enhance 'out of the box' risk models to integrate with Formosa Plastics Group's unique internal processes. Once deployed, AllAssets will automate tasks to deliver process efficiencies and standardize Formosa Plastics Group's asset inspection and maintenance integrity programmes.

Mr. Mei, Assistant Vice President at Formosa Plastics Group said: "Our partnership with Lloyd's Register, and the deployment of AllAssets, is a vital step towards achieving performance excellence for our business through the continuous implementation of Industry 4.0 techniques. We are committed to transforming our business through digitalization and we were impressed by the balance that AllAssets strikes between usability and customization. We look forward to working with Lloyd's Register to optimize the performance and safety of our critical assets."

Tim Bisley, Managing Director, Digital Products at Lloyd's Register said: "We are delighted to have been selected by Formosa Plastics Group to become their Industry 4.0 solution for their industrial assets. Enabling digitalization with AllAssets will play a significant role in competitive advantage by automating processes, getting right-time information for better decision making and keeping the work-force safe by focusing efforts where it counts.

"Our vision for AllAssets is to give operators such as Formosa Plastics Group a seamless integration experience and allow them to benefit from our decades of engineering expertise captured as Digital Engineering Content, delivered through easily adaptable models to improve reliability, safety and performance."

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