Toray Raises Capital To Fund Investments

Toray will issue new shares to raise as much as $1.2 billion to pay for various investment projects. Already the world’s largest producer of carbon fiber, Toray is boosting capacity for the automotive and aerospace material at plants in Japan and the U.S. The Japanese firm is also building a plant in Beijing that will make reverse-osmosis membranes for water purification. Additionally, in a joint venture with Japan’s Tonen, Toray is pouring hundreds of millions of dollars into a plant that will produce battery separator films. Toray posted a net loss of $150 million on sales of $14.5 billion in the fiscal year that ended on March 31.