Toyo Rayon Co., Ltd. renamed Toray Industries, Inc.
In the 45 years since our founding, we at Toray have worked to expand our business for the three core synthetic fibers, and diversify into businesses related to plastics and raw materials for synthetic fibers. However, rayon yarn production was phased out* in 1963, leading to a divergence between the company name and the reality of its business activities. Management decided it would be best to change the company name. President Seiichiro Hirota said, "On this day—as we strive to open up promising new fields of business and work to grow as a global enterprise—we will put our hopes in the future, and change our company name to project a new image both to our employees and the outside world."
*Production of rayon-cotton phased out in 1975.