Japanese Toray Industries has acquired 20% stake in US based carbon fiber reinforced plastics (CFRP) auto parts manufacturer Plasan Carbon Composite (PCC).
The move is part of the Japanese firm's plan to expand its automotive carbon fiber composite material business across the globe.
The acquisition will allow Toray to create a distribution channel to deliver the products ranging from carbon fibers to intermediate base materials and molded components to the US automobile manufacturers.
Additionally, the transaction will also allow Toray to establish a manufacturing and development base for CFRP auto parts in North America.
Founded in 2006, PCC uses its high-speed Pressure Press molding technology to supply CFRP-based exterior body panels for performance and luxury cars of the US based automobile manufacturers.
In April 2013, the Japanese firm had established Toray Carbon Magic in Tokyo and Carbon Magic in Thailand through share acquisitions from DOME Group in order to strengthen and enhance the vertically integrated supply chain.
