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Japan's Toray agrees to buy U.S. Zoltek for $584 million
September 27, 2013 / 1:17 AM / 4 years ago

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

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 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, 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

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