Worth reading
59In focus
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Improvement
Direction inferred from the company’s description.Scale
49
¥ hundreds of millionsWording
Conditional
How definitive the wording is.This transaction
Change in an equity-method affiliate (conversion into a subsidiary)CounterpartyULVAC, Inc.
Disclosing companyInabata & Co.,Ltd.
The voting-rights ratio is the share of the votes exercisable at a shareholders’ meeting that will be held after this transaction.
TimelineThe spacing between the points is proportional to the actual number of days.White points represent dates designated as scheduled dates in the document.
Target company
Manufacture and sale of mask blanks for semiconductors and flat-panel displays, and quartz substrate processing, Manufacture and sale of mask blanks, LM and FPD-related thin-film products, Manufacture and sale of mask blanks, Not disclosed
Location Chichibu, Saitama Prefecture, Annan District, Tainan City, High-tech Zone, Hefei, Anhui Province, Not disclosedShare capital ¥100 million, 512 million Taiwan dollars, RMB 80 million, Not disclosedDate of incorporation 1 January 1979, 24 August 2001, 14 May 2018, Not disclosed
Net Sales¥8,920 million (fiscal year ended June 2026), 389 million Taiwan dollars (fiscal year ended June 2026), RMB 48 million (fiscal year ended December 2025), Not disclosed
Operating profit¥1,076 million (fiscal year ended June 2026), Loss of 31 million Taiwan dollars (fiscal year ended June 2026), RMB 24 million (fiscal year ended December 2025), Not disclosed
Net income for the current fiscal year¥1,010 million (fiscal year ended June 2026), Loss of 21 million Taiwan dollars (fiscal year ended June 2026), RMB 23 million (fiscal year ended December 2025), Not disclosed
Net assets¥4,700 million (fiscal year ended June 2026), 609 million Taiwan dollars (fiscal year ended June 2026), Negative RMB 76 million (fiscal year ended December 2025), Not disclosed
Consideration and expenses
Acquisition price¥4.9 billion
Type of ConsiderationCash
Impact on Business Performance
The impact of this transaction on consolidated results and financial position is currently under review.
Procedures and assumptions
Management structure after acquisitionIt has been decided that アルバック成膜株式会社, 台灣成膜光電股份有限公司, 愛発科成膜技術（合肥）有限公司 and 株式会社ファインサーフェス技術 will become wholly owned subsidiaries. Changes to the corporate names and representatives, and employee treatment: not disclosed
| Item | Details |
|---|---|
| Transaction name | Change in an equity-method affiliate (conversion into a subsidiary) |
| Counterparty name | ULVAC, Inc. |
| Name of the Subject Company | アルバック成膜株式会社, 台灣成膜光電股份有限公司, 愛発科成膜技術（合肥）有限公司, 株式会社ファインサーフェス技術 |
| Business Description of the Subject Company | Manufacture and sale of mask blanks for semiconductors and flat-panel displays, and quartz substrate processing, Manufacture and sale of mask blanks, LM and FPD-related thin-film products, Manufacture and sale of mask blanks, Not disclosed |
| Location of the Subject Company | Chichibu, Saitama Prefecture, Annan District, Tainan City, High-tech Zone, Hefei, Anhui Province, Not disclosed |
| Capital Stock of the Subject Company | ¥100 million, 512 million Taiwan dollars, RMB 80 million, Not disclosed |
| Date of Establishment of the Subject Company | 1 January 1979, 24 August 2001, 14 May 2018, Not disclosed |
| Net Sales of the Subject Company | ¥8,920 million (fiscal year ended June 2026), 389 million Taiwan dollars (fiscal year ended June 2026), RMB 48 million (fiscal year ended December 2025), Not disclosed |
| Operating Profit of the Subject Company | ¥1,076 million (fiscal year ended June 2026), Loss of 31 million Taiwan dollars (fiscal year ended June 2026), RMB 24 million (fiscal year ended December 2025), Not disclosed |
| Net Income of the Subject Company | ¥1,010 million (fiscal year ended June 2026), Loss of 21 million Taiwan dollars (fiscal year ended June 2026), RMB 23 million (fiscal year ended December 2025), Not disclosed |
| Net Assets of the Subject Company | ¥4,700 million (fiscal year ended June 2026), 609 million Taiwan dollars (fiscal year ended June 2026), Negative RMB 76 million (fiscal year ended December 2025), Not disclosed |
| Acquisition price | ¥4.9 billion |
| Type of Consideration | Cash |
| Number of shares acquired | 314,600 shares (3,146 voting rights) |
| Voting rights ownership percentage | Before 35.0％ → after 100.0％ |
| Impact on Business Performance | The impact of this transaction on consolidated results and financial position is currently under review. |
| Date of board resolution | 27 October 2026 |
| Contract Date | 30 October 2026 (予定) |
| Execution Date / Effective Date | 18 December 2026 (予定) |
| Management structure after acquisition | It has been decided that アルバック成膜株式会社, 台灣成膜光電股份有限公司, 愛発科成膜技術（合肥）有限公司 and 株式会社ファインサーフェス技術 will become wholly owned subsidiaries. Changes to the corporate names and representatives, and employee treatment: not disclosed |
Items this document does not state (12)
Expenses other than the acquisition priceMerger ratio/share exchange ratioTender offer priceMinimum number of shares to be purchasedTender offer periodFunding arrangementsGoodwill amountAmount of extraordinary income (loss)Valuation methodologyIndependent valuation institutionSpecial CommitteeConditions Precedent to Execution
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.As part of the medium-term management plan's initiative to expand earnings through more aggressive investment, the Company will further focus on its semiconductor mask blank business and seek to maximize earnings from its FPD-related business by leveraging production bases in Japan, China and Taiwan.
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