Mitsui Chemicals and the Development Bank of Japan will purchase JSR for ¥1.84 trillion, according to a Monday filing. DBJ is putting in ¥200 billion in cash, and that holding will be turned into preferred shares without voting rights. The pair are acquiring 100% of JSR from Japan Investment Corp.
Mitsui Chemicals' shares fell as much as 15% in Tokyo. The move lines up with a state-backed push to bring together Japan's fragmented semiconductor materials industry.
JSR is a top producer of photoresists, the light-sensitive coatings that work alongside ASML Holding NV's extreme ultraviolet lithography systems to pattern exceptionally fine circuits onto silicon wafers. Its specialty chemicals are used by Taiwan Semiconductor Manufacturing Co., Intel Corp., and Samsung Electronics Co., according to Bloomberg data.
Japan already hosts the world's largest silicon wafer suppliers and leads in several other chip inputs, yet many smaller local firms remain exposed to overseas buyers. Bringing more of these materials players under domestic umbrellas is a clear policy aim, and this deal moves that effort forward.
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The purchase shores up a crucial link in chip manufacturing materials while advancing Japan's broader industry consolidation agenda. In September, Bloomberg News noted that JSR was assessing takeover offers from Mitsui Chemicals and Mitsubishi Chemical Group Corp., indicating that interest in these assets has remained strong.
The bottom line: this transaction advances Japan's state-led drive to knit together its fragmented chip materials sector.
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