Japan's Toray agrees to buy U.S. Zoltek for $584 million

TOKYO Thu Sep 26, 2013 9:12pm EDT

Toray Industries' prototype electric vehicle TEEWave AR1 is displayed during an exhibition showcasing the company's latest technology in Tokyo September 14, 2011. REUTERS/Yuriko Nakao

Toray Industries' prototype electric vehicle TEEWave AR1 is displayed during an exhibition showcasing the company's latest technology in Tokyo September 14, 2011.

Credit: Reuters/Yuriko Nakao

TOKYO (Reuters) - Japan's Toray Industries Inc (3402.T) said it has agreed to buy U.S.-based Zoltek Companies Inc ZOLT.O for $584 million in order to increase its share of the worldwide carbon fiber market.

Toray, a carbon fiber maker which supplies the cutting edge materials used in Boeing Co's (BA.N) Dreamliner airplanes, said its acquisition of Zoltek will allow it to supply lower-cost carbon fibers for wind turbines and cars.

(Reporting by Nobuhiro Kubo and Mari Saito; Editing by Edmund Klamann)