Mitsui Chemicals to Buy JSR for ¥1.84 Trillion in Chip Materials Deal
Mitsui Chemicals will acquire photoresist maker JSR for ¥1.84 trillion with the Development Bank of Japan, the largest deal in Japan's chemical industry.
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giftdetect· the right gift in minutesMitsui Chemicals announced on November 9 that it will acquire JSR, a developer and manufacturer of semiconductor materials such as photoresists, for ¥1.84 trillion. Together with the Development Bank of Japan (DBJ), it will purchase all of JSR's common shares and make the company a consolidated subsidiary. It is the largest M&A deal ever in Japan's chemical industry.
Mitsui Chemicals says the combination will create one of Japan's top semiconductor materials companies by sales.
Combining product lines and technology
The two companies plan to share customer bases, product portfolios and technology. Mitsui Chemicals brings its Mitsui Pellicle for front-end processes and its Icros Tape for back-end processes. JSR contributes advanced photoresists for front-end work and thick-film resists for back-end work.
The aim is to strengthen the development setup for advanced photoresists and other materials, and to create new products that blend both companies' technologies.
Financing and targets
The company is targeting incremental profit of about ¥40 billion a year by fiscal 2035 from growth and cost synergies. Funding comes from a ¥1.64 trillion bridge loan from major lenders and ¥200 billion in equity from DBJ.
Mitsui Chemicals aims to complete the transaction in the second half of fiscal 2027. It also plans to pursue further reorganization and partnerships in semiconductors and other fields on the back of the deal.
For the chip supply chain, the deal brings two suppliers of critical process materials under one roof at a time when advanced photoresist development is central to chipmaking. The size of the bridge loan means financing and execution through fiscal 2027 will be closely watched.
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