Japan's Mitsui Chemicals is considering an acquisition of semiconductor materials maker JSR in a deal potentially worth more than ¥1.3 trillion ($8.2 billion), according to a Reuters report published on November 4. Citing two people familiar with the matter, Reuters said state-backed Japan Investment Corporation (JIC) was considering selling its portfolio company to Mitsui Chemicals, with a decision possible as early as November. The proposed transaction could rank among Japan's largest chemical industry acquisitions.
Mitsui Chemicals subsequently acknowledged that it was examining various options to enhance corporate value, including a potential acquisition of JSR. The company said no decision had been made. JIC and JSR did not comment on the reported plans. Mitsui Chemicals shares fell sharply following the news, while potential financing arrangements have not been disclosed.
JSR is a major global supplier of photoresists used in semiconductor manufacturing. JIC acquired the company for approximately ¥900 billion in 2024 and took it private. JSR has since undergone restructuring, including the disposal of non-core operations.
Mitsui Chemicals has been expanding its electronic materials business, with semiconductor-related products among its growth priorities. The reported acquisition value exceeds Mitsui Chemicals' market capitalization of approximately ¥800 billion. The company had roughly ¥217.8 billion in cash and cash equivalents and ¥876.4 billion in interest-bearing debt, according to figures cited by Reuters.
Japan's previous major chemical industry transactions include Showa Denko's acquisition of Hitachi Chemical for approximately ¥960 billion in 2020. A JSR purchase exceeding ¥1.3 trillion would surpass that transaction in value. Mitsui Chemicals has yet to announce a formal offer or acquisition timetable.
