Toray Secures Boeing Contract, Expands

Toray Industries will invest at least $400 million, and perhaps double that amount, in South Carolina after Boeing renewed and expanded an existing 10-year carbon fiber supply agreement. Under the new deal, Toray will supply up to $11 billion worth of carbon fiber to Boeing for the manufacture of 787 Dreamliner airplanes and for a new line of aircraft. To fulfill the contract, Toray plans to build plants for producing carbon fiber precursor, carbon fiber, and composite prepreg in Spartanburg, S.C. The Japanese company bought the land in 2014, pledging that it would be the epicenter of $1 billion in capital investments. Boeing, which is currently producing 10 Dreamliners per month, expects to increase output to 16 per month within five years. In addition, the aircraft manufacturer is developing a new line of airplanes currently named 777X to succeed the 777 series from 2020 onward.