Far Eastern New Century (TPE:1402) reported a fire at its Hsinpu Chemical Fiber Plant in Taiwan early Thursday due to a gas explosion caused by a leak in an insulated pipeline.

The blaze resulted in two fatalities, while five individuals remain in serious condition, and 14 sustained minor injuries, according to a Thursday Taiwan Exchange filing.

The affected polymerization unit produces 160 tons daily, but overall operations remain largely unaffected.

The company expects full insurance coverage to minimize financial impact, it said.