Shareholders Back Japanese Company’s Purchase Of St. Louis-Area Manufacturer

Shareholders at Zoltek, a company based in Bridgeton that makes carbon fibers used in building materials, wind turbines, vehicles and other products, approved its acquisition by Japan-based Toray Industries Inc., the world’s largest carbon fiber maker.

The merger won’t be final until it wins approval of the Committee on Foreign Investment in the United States, which reviews transactions that could result in control of a U.S. business by foreign entities. A decision by the committee is expected by March 3.

Assuming the deal does close, Zoltek will be a wholly-owned 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.

Read more from the St. Louis Business Journal

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