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Japan's Toray to Open Carbon Fiber Plant in S.Korea

Written: 2011-01-14 13:24:20Updated: 2011-01-14 14:58:41

The Japanese textile and chemical company Toray is reportedly planning to build a carbon fiber plant in South Korea.

According to Japan’s Nihon Keizai Shimbun daily, Toray will invest some 135 billion won in building the plant, which it plans to operate for 13 years starting in late 2012.

It's the first time for a Japanese firm to open a carbon fiber factory in a region outside the U.S. or Europe.

Toray's decision is based on growing demand for carbon fiber in South Korea and China as well as lower labor costs and corporate taxes in Korea.

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