According to a Reuters report, Toray Industries Inc said it would be buying US-based company Zoltek Companies Inc. The Missouri-based company would be acquired for USD584 million. The Japanese firm had said that the acquisition would be a step to increase its market share in the carbon fiber industry. 

Toray is a multinational company headquartered in Tokyo that manufactures industrial products focused on biochemistry, organic synthetic chemistry and polymer chemistry. It made itself known as supplier of cutting edge materials used in Dreamliner airplanes of Boeing Co. 

Zoltek, on the other hand, has engaged in developing, manufacturing and marketing carbon fiber for various commercial applications. Since entering in the carbon fiber business back in 1988, it had acquired acrylic fiber plants in Mexico and Hungary to supply large tow carbon fiber.

Toray would be purchasing Zoltek's entire stake at USD16.75 per share. Once the acquisition would be finalized, Zoltek would be Toray's wholly-owned subsidiary.