Toray to Buy Rival Zoltek for $584 Million
September 26 2013 - 10:00PM
Dow Jones News
TOKYO--Toray Industries Inc. (3402.TO), the global market leader
in carbon fiber, said Friday it has agreed to buy smaller rival
Zoltek Companies Inc. (ZOLT) 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.
Write to Hiroyuki Kachi at Hiroyuki.Kachi@wsj.com
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