Zoltek moves outside US with Magyar Viscosa buy

18 December 1995 00:00  [Source: ICB]

US CHEMICALS firm Zoltek has acquired Hungarian acrylic fibre manufacturer Magyar Viscosa - its first venture into eastern Europe and outside the US.

The purchase cost of Zoltek was approximately $17.8m. However, Magyar Viscosa's operations are expected to need a capital investment of up to $5m to bring them up-to-date.

The Hungarian company increased its turnover from Forint5.4bn ($39m) to Forint7bn in 1995 but is still predicted to make a loss.

Zoltek, which manufactures carbon fibre for use in composites, acquired Magyar Viscosa in a privatisation re-run. It plans to increase production of acrylic fibre at the plant, and make the company its principal source of acrylic fibre. Acrylic fibre is the primary raw material used in carbon fibre manufacturing.





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