Leading Japanese carbon fibers manufacturer Toray is buying out its U.S. rival, family-owned Zoltek, for $584 million in cash, effective from the beginning of 2014, of earlier. The U.S. company, which had been grappling with mounting losses in the recent past, will become a wholly owned Toray subsidiary, but will continue to operate independently.

Principal shareholder Zsoltan Rumy, who tendered his own 18% stake in Zoltek to the Japanese group, said the handover to Toray "provides unique opportunities to drive the continued growth of our commercial carbon fibers business well into the future."