Mitsui Chemicals announced that it will acquire JSR for ¥1.8 trillion. The government-backed JIC will participate through a TOB, seeking to strengthen its semiconductor materials platform and generate synergies.
Mitsui Chemicals announced on 9 November that it will acquire JSR, a leading semiconductor materials company, from the government-backed Japan Investment Corporation. The total acquisition price is ¥1.8 trillion, making this likely to be the largest M&A transaction in the history of Japan’s chemical industry. President Satoshi Ichimura (市村 聡) said that having JSR join the group’s ICT business would raise its presence in semiconductor materials and lead to improved growth and profitability.
JSR’s strengths include multiple semiconductor materials, including photoresists, in which it is one of the world’s leading companies. Against the backdrop of industry consolidation in the semiconductor materials sector in 2024, it was taken private through a TOB. Its performance is now in a recovery phase following stronger AI demand and the reorganisation of non-core businesses, with semiconductor-related earnings on a recovery trend in the fiscal year ending March 2026. JIC reportedly received acquisition proposals from multiple companies and selected Mitsui Chemicals from among them.
As background to the acquisition, Mitsui Chemicals has indicated that it intends to leverage its strengths in specific areas, including pellicles, to expand its product lineup. JSR, meanwhile, has stated that it plans to strengthen its businesses centred on photoresists, pursue collaboration with materials manufacturers in Japan and overseas, and build a world-class semiconductor materials platform.
JIC Capital President Shogo Ikeuchi (池内 省五) explained that the decision to integrate with Mitsui Chemicals followed a comprehensive review of the policy significance, feasibility of industry consolidation, economic terms, financial soundness and investment capabilities. The companies intend to pursue collaboration with other materials manufacturers in Japan and business restructuring, positioning these efforts as the starting point for a long-term growth strategy.