Toray Industries To Buy Zoltek For $584 Mln

(RTTNews) - Toray Industries Inc (TRYIF.PK, TKK.L) announced that it has agreed to buy Zoltek Companies Inc (ZOLT) for $584 million.

Toray Industries to purchase the entire stake at $16.75 per share in Zoltek , engaging sales and manufacture of large tow carbon fibers, and make it a wholly owned subsidiary in order to enter into large tow carbon fiber business.

Zoltek entered into large tow carbon fiber business in 1988, and acquired textile acrylic fiber plants in Hungary and Mexico in 1996 and 2007 respectively, and has been promoting development of large tow carbon fiber application and demand.

Toray has showed its presence in the field of advanced applications such as aerospace represented by Boeing 787 and natural gas pressure vessel by concentrating its business resource to high performance / high quality regular tow carbon fiber.