日本触媒 will acquire 互応化学工業 for ¥20 billion, vertically integrating the semiconductor materials supply chain from upstream to downstream. The acquisition was completed on the same date, with the companies expected to leverage their respective customer bases and technical expertise.
日本触媒 (4114.T) announced that it had made specialty chemicals manufacturer 互応化学工業 a wholly owned subsidiary. The purchase price was ¥20 billion, and it acquired all shares of 互応化学工業 on the same date.
互応化学工業 is engaged in the production of resist materials and insulating protective materials for semiconductors and electronic components, based on its resin synthesis and formulation technologies. For the fiscal year ending March 2026, it reported net sales of ¥6.92 billion, operating income of ¥846 million and net assets of ¥8.03 billion.
日本触媒 supplies the resins and fine particles used to manufacture resist materials. Through the acquisition, it will incorporate the target's customer base and technical expertise into its own new-product development. Synergies are also expected in coating materials that modify film surfaces and cosmetic ingredients.
As companies continue to bring downstream processing and formulation technologies into semiconductor materials supply chains, the aim is to build an integrated structure covering the supply chain from upstream to downstream. The purchase price is approximately 2.5 times 互応化学工業's net assets, but recovery of the investment will depend on a recovery in semiconductor markets and the launch of new products.