Carbon fiber maker Toray to buy Zoltek for about $600-$700 mln- Nikkei
Sept 26 (Reuters) - Japan's Toray Industries Inc will buy U.S-based Zoltek Cos for $600-$700 million to increase its share of the global carbon fibre market to 30 percent, the Nikkei reported.
Toray plans to start producing lower-priced carbon fibre with the deal, the business daily said.
Zoltek's products, used in construction materials and autoparts, are priced at about 60 percent of Toray's high-performance carbon fibre, the paper said.
Zoltek could not be reached for a comment.
Shares of the company, which had a market capitalization of $565 million as of Wednesday's close, were up 12 percent on the Nasadaq on Thursday afternoon at $18.35.
Carbon fibre is lighter than steel, but higher prices have limited its use, the paper said.
The deal expected to be announced on Friday.