Formosa Taffeta will acquire a 50 percent stake in Schoeller Textil in March of next year, after receiving the approval of its board of directors. The companies have been partners in the Hong Kong-based joint-venture Schoeller FTC for 18 years. According to the Taipei Times, Formosa plans to invest up to 40 million Swiss francs (€36m-$40m) in Schoeller Textil to acquire the stake. Through the investment, the Taiwanese textile producer will widen its product portfolio by adding production lines for high-end items, leading to an increase in its market shares in Europe and the U.S. The investment will be used to develop new products and further expand the business in Asia by producing Schoeller goods in the plants run by Formosa. The owner of Schoeller Textil, the textile and real estate group Albers & Co., will dilute its share of 50 percent. FTC will conduct due diligence and discuss a possible seat on Schoeller's board at a later date, it said. Schoeller has five business units: performance textiles, protection textiles, technologies and licensing, knitting textiles and technical textiles. In 2018, the company generated sales of CHF 70 million (€60m-$70m). Established in 1868, Schoeller produces textiles and textile technologies for sportswear, outdoor clothing, urban lifestyle and protective clothing. It runs production plants in Switzerland and Germany, and sells most of its products in Europe and the U.S.