Toray acquires PPS fibers unit in U.S.

Toray Industries Inc. said Wednesday it has acquired the polyphenylene sulfide fiber unit of California-based American Fibers & Yarns Co. to take more than 60 percent of the global PPS fiber market.

Japan's leading maker of synthetic fibers declined to disclose the value of the transaction.

Toray said the acquisition will help it earn some 1 billion yen in sales of PPS fiber in the year to March 2002. It entered the PPS resin business in 1986 and began producing PPS fiber in 1998.

PPS fiber is resistant to heat and chemicals and is used mainly in dust chamber filters for coal boilers at thermal power stations and incinerators. It can also be used to make lingerie, the company said.

AFY, which also produces polypropylene fiber for use in automobiles and home interiors, controls 50 percent of the world's PPS fiber market, Toray said.