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Industry News
Toray acquisition of Zoltek delayed three months

The St. Louis Business Journal says Toray's purchase of Zoltek has been pushed from Jan. 31 to April 30 to allow time for investigation by the Committee on Foreign Investment in the United States.

Posted on: 1/27/2014
Source: CompositesWorld

The St. Louis Business Journal (St. Louis, Mo., USA) reported on Jan. 22 that the planned $584 million purchase of industrial-grade carbon fiber maker Zoltek Cos. Inc. (St. Louis) by Toray Industries Inc. (Tokyo, Japan), the world’s largest carbon fiber maker, will be delayed three months, according to a Jan. 22 regulatory filing.

According to the report, Toray gave notice Jan. 20 of its intent to extend the termination date under its merger agreement from Jan. 31 to April 30. Toray officials said the reason for the extension relates to an investigation by the Committee on Foreign Investment in the United States (CFIUS), which reviews transactions that could result in control of a U.S. business by foreign entities. The investigation by the CFIUS has to be completed before the merger can be consummated.

After the deal closes, Zoltek will be a wholly­owned subsidiary of Toray and operate as a separate business unit, company officials said.

For its fiscal year ended Sept. 30, 2013, Zoltek posted a profit of $5.2 million, down 77 percent from $22.9 million the previous year. Its net sales decreased 25 percent to $140.5 million for fiscal 2013. 

Click here for original St. Louis Business Journal report.

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