P.M. BRIEFING : Plastic for Boeing 777’s Hull

Toray Industries Inc. announced today that the Boeing Co. has selected Toray’s new carbon-fiber-reinforced plastic for use in the main structure of its new Boeing 777 aircraft.

Toray said it expects that Boeing will order at least $577 million worth of the product for use in the planned manufacture of 1,100 Boeing 777s.

The Japanese company said its carbon-fiber-reinforced plastic material will be used in the fuselage, tail and wings of the Boeing 777 to lower the weight of the aircraft 25%.

A Seattle newspaper reported Thursday that Boeing and three Japanese companies are expected to sign an agreement soon for joint development of the new Boeing 777 jetliner.

The agreement could include some equity participation for the Japanese, but sources familiar with both sides of the negotiations said terms of the deal were not complete, the Seattle Post-Intelligencer reported.