Billionaire Shi Wen-Long, Taiwan’s ‘Father Of Acrylic,’ Dies At 96

Shi Wen-long, the founder of Taiwan’s plastics manufacturer Chimei Corp., died Saturday morning at age 96.

Born poor in Tainan city, in southern Taiwan, Shi was known as the “father of acrylic” for driving the development of the plastics industry in the island. He started a rubber and plastics business with the equivalent of $700 and four employees in 1953 before setting up Chimei in 1960. By 1994 Chimei had become the world’s largest producer of ABS resin, a plastic often used in dashboards and door panels.

Shi was ranked No. 31 on the list of Taiwan’s 50 Richest earlier this year with a net worth of $1.9 billion. The rags-to-riches billionaire believed that business is a means to pursue happiness. In addition to his business ventures, Shi was an active philanthropist who dedicated himself to medicine and art. He was named as one of Forbes Asia’s Heroes of Philanthropy in 2012.

Chimei Corp. said in a statement: “In addition to his successful business endeavors, Founder Shi wholeheartedly dedicated himself to the betterment of society, particularly in the fields of ‘medical’ and ‘art and culture.’ Through the establishment of Chimei Hospital and Chimei Museum, he aimed to improve the well-being of people and nourish their souls with art. These contributions will forever remain as his heartfelt gifts to Taiwan.”

In 1987, Shi bought a financially troubled hospital in his home city and transformed it into Chimei Hospital. In 1992, he founded Chimei Museum, which is famous for its wide range of collections spanning Western art, musical instruments, weaponry and natural history–reflecting the founder’s diverse interests.

“The violin is the greatest human invention.”

As a teenager Shi started a musical ensemble, led the group as the conductor and taught himself to play the violin. He bought his first violin from a Japanese selling belongings on the roadside before being repatriated to Japan after World War II. At one point, Shi amassed the world’s largest collection of instruments in the violin family outside of violin makers or dealers. “The violin is the greatest human invention,” he told Forbes Asia in 2012. “Its shape cannot be altered in any way or it risks losing its sound quality. Science cannot explain why.”

The violins and the other items Shi has amassed—Western paintings and sculpture, arms and armor—all belong to the nonprofit Chi Mei Culture Foundation he started back in 1977. The collections are on display in the Chi Mei Museum in Tainan, which boasts the island’s largest privately owned treasure trove and is free to the public.

Chimei Corp. designs and manufactures advanced polymer materials, synthetic rubbers and specialty chemicals with an unconsolidated net asset value of NT$94.9 billion ($3 billion). The business also spans into technology, consumer electronics and food. Headquartered in Tainan, the company also operates a production facility in mainland China’s Jiangsu province.

Unlike many founders who pass down their businesses to their children, Shi’s son and two daughters are not involved in the succession. Both daughters married and settled overseas. His son is chairman at Nexgen Mediatech Inc., one of Chimei’s subsidiaries. In 2004, Shi retired and handed down the group’s chairman position to his brother-in-law Frank Liao Ching-siang. Liao passed away last year at the age of 85.