Friday, September 27, 2013
DJ: Toray Industries To Buy Entire Stake In US Zoltek For $584mn
TOKYO--Toray Industries Inc. (3402), the global market leader in carbon fiber, said Friday it has agreed to buy smaller rival Zoltek Companies Inc. in a deal valued at $584 million.
The Japanese synthetic fiber maker said it will use a special purpose company in the U.S. to buy the entire stake in St. Louis-based Zoltek for $16.75 per share. A Toray spokesman in Tokyo said the transaction will be completed as soon as possible.
Carbon-fiber reinforced plastic is lighter and stronger than sheet steel and aluminium. It is a key component in fuel-efficient jetliners flying long-haul routes, and is used in industrial applications such as the blades of electricity-generating windmills.