Toray Industries Inc To enter into Large tow Carbon Fiber Business (0797P)
27 9월 2013 - 3:01PM
UK Regulatory
TIDMTKK
RNS Number : 0797P
Toray Industries Inc
27 September 2013
September 27, 2013
Toray Industries, Inc.
Toray to enter into Large tow Carbon Fiber Business
- purchase the entire stake in a U.S. manufacturer -
Toray Industries, Inc. (headquarters: Chuo-ku, Tokyo; President:
Akihiro Nikkaku; hereinafter referred to as "Toray") announced
today that it has agreed to purchase the entire stake at $16.75 per
share (total amount is approximately $584 million) in Zoltek
Companies, Inc. (headquarters: St. Louis, Missouri, U.S; President
& CEO: Zsolt Rumy; hereinafter referred to as "Zoltek"),
engaging sales and manufacture of large tow (1) carbon fibers, and
make it a wholly owned subsidiary in order to enter into large tow
carbon fiber business.
The global demand for PAN-based carbon fibers is expected to
expand at an annual growth rate of exceeding 15% as an advanced
material which contributes not only to energy saving through weight
reduction but also to spread of renewable energy as alternative of
fuel (oil and coal) energy. On the one hand, regular tow carbon
fiber (2) is widely being accepted in the field of high performance
/ high quality application such as aerospace, but on the other
hand, large tow carbon fiber is anticipated to expand its
applications, based on its reasonable balance between cost and
performance, to wind energy-related which shows rapid demand growth
in recent years, and automobile structural parts in future. It is
foreseen that demands for regular tow carbon fiber and large tow
fiber will grow separately, reflecting each characteristic.
Zoltek entered into large tow carbon fiber business in 1988, and
acquired textile acrylic fiber plants in Hungary and Mexico in 1996
and 2007 respectively, and has been promoting development of large
tow carbon fiber application and demand. Under its unique marketing
strategy distinguished from that of regular tow manufacturers,
Zoltek has recently realized outstanding growth in its business
along with the demand increase in wind energy-related application,
pursuing its ultimate cost competitiveness.
Toray has showed its presence in the field of advanced
applications such as aerospace represented by Boeing 787 and
natural gas pressure vessel by concentrating its business resource
to high performance / high quality regular tow carbon fiber.
Meanwhile, not having large tow carbon fiber as its product line
up, Toray has been considering how to address promising growth in
commodity industrial field such as wind energy-related application
and automobile structural parts application. By acquiring Zoltek,
Toray has obtained opportunity for further growth, expanding its
business in totally different field from regular tow carbon
fiber.
As one of its strategically expanding businesses, Toray has
promoted business expansion of carbon fiber composite materials
business by proactively allocating business resources. Through
entering into large tow carbon fiber business, Toray aims at
further expanding its business and providing solution to global
issues including environmental, resource-related and energy
issueswith this advanced material.
.
1 Large tow Carbon fiber with 40,000 or more number of filaments
applied for the applications such as wind turbine blades and
reinforced plastics compounds, produced on modified acrylic staple
fiber production line for textile,
2 Regular tow Carbon fiber with 24,000 or less number of
filaments used for high-end applications such as aircrafts which
require high performance and quality, produced on specially
designed equipment.
<Reference>
Profile of Zoltek Companies, Inc. (Zoltek)
(1)Business: production and sales of large tow carbon fiber
(2)Headquarters: St.Louis, Missouri, U.S.
(3)Established: 1975
(4)Representative: Zsolt Rumy - President & CEO
GCA Savvian Advisors, LLC is serving as financial advisor and
Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel to Toray in connection with the transaction
This information is provided by RNS
The company news service from the London Stock Exchange
END
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