Mitsui Chemicals eyes acquisition of JSR for over ¥1 trillion

Mitsui Chemicals is considering acquiring JSR, a major Tokyo-based semiconductor materials maker, in a possible deal worth over ¥1 trillion, sources said Wednesday.

The transaction could become the largest acquisition deal in Japan’s chemical industry. Mitsui Chemicals would purchase JSR shares from its parent company, Japan Investment, a government-backed investment fund.

Mitsui Chemicals issued a statement on the same day admitting that it is examining various options, including acquiring JSR, to improve its corporate value.

JSR holds one of the largest shares in the global market for photoresist, a resin material used in the formation of fine circuits.

Through the acquisition, Mitsui Chemicals aims to strengthen its semiconductor business, which it sees as a key growth area.

In 2024, JIC acquired JSR for about ¥900 billion and took the company private. Following the acquisition, the company implemented restructuring measures, including selling off loss-making operations.

JIC intended to strengthen Japan’s industrial base by reorganizing its semiconductor materials industry centered on JSR.

In the chemical industry, Showa Denko, currently Resonac Holdings, acquired Hitachi Chemical for about ¥960 billion in 2020.