Toray Wins Preferred Bidding Rights for Woongjin Chemical Stake

Toray Industries Inc. (3402), the biggest carbon fiber producer that’s also expanding its water-treatment business, said it won the preferential bidding rights for a 56.2 percent stake in Woongjin Chemical Co.

Toray will announce results of negotiations between its Korean unit and the South Korean fiber maker that also has a water-filter business as soon as a decision is reached, it said in a statement to the Tokyo Stock Exchange.

The South Korean company’s shares rose 1.9 percent today in Seoul while Toray gained 1.6 percent. The Korea Economic Daily earlier this month reported Toray was picked as preferred bidder.

The Tokyo-based company that makes filters to clean water says the market for membranes to treat seawater and wastewater is expanding with orders from China to Singapore, the Middle East and North Africa.

To contact the reporter on this story: Gearoid Reidy in Tokyo at greidy1@bloomberg.net

To contact the editor responsible for this story: Randall Hackley at rhackley@bloomberg.net

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