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Toray looks to invest $8.86bn, targets carbon fiber growth

Japanese company eyes capital spending, acquisitions in three-year plan

Toray Industries looks to boost production of parts for electric vehicles.

TOKYO -- Toray Industries aims to capture the expected surge in demand for carbon fiber, devoting about 1 trillion yen ($8.86 billion) to capital investments and acquisitions over the three years starting in fiscal 2017.

The Tokyo-based company holds the world's leading market share in carbon fiber, demand for which is expected to surge as nations carry out the Paris climate agreement. The material, which is 10 times stronger than steel yet weighs only one-fourth as much, is expected to find more use in aircraft and automobiles, as it will boost their fuel efficiency. The global market for carbon fiber-reinforced resins is seen nearly tripling between 2014 and 2025.

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