Japan’s Toray Industries to buy US' Zoltek for about $584m

27 September 2013 03:24  [Source: ICIS news]

SINGAPORE (ICIS)--Japan’s Toray Industries have agreed to acquire carbon fiber maker Zoltek Companies for about $584m (€432m), the US-based firm said late on Thursday.

“Under the terms of the agreement, Toray will acquire all of the company’s [Zoltek] outstanding shares for $16.75 per share in cash for a total equity value of approximately $584m,” it said in a statement.

The deal is expected to be completed late 2013 or early next year, the firm said.

Following the closing of the transaction, Zoltek will be a wholly-owned subsidiary of Toray and operate as a separate business unit, the company said.

Zoltek’s board of directors has unanimously approved the transaction, it added.

($1 = €0.74)

By: Nurluqman Suratman

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