[News] Mitsui Chemicals Eyes Record $8.2B JSR Acquisition to Expand EUV Materials Business

What happened

According to Nikkei citing sources, Japan's Mitsui Chemicals is reportedly planning to acquire semiconductor materials maker JSR from the state-backed Japan Investment Corp. (JIC) in a deal valued at more than JPY 1.3 trillion (US$8.2 billion); if completed, it would mark the largest acquisition in Japan's chemical industry. Responding to the report, Mitsui Chemicals said the information was not based on an official company announcement, but acknowledged it was exploring various options, including a potential acquisition of JSR, to enhance corporate value, emphasizing that no decision had been made. JIC acquired JSR for more than JPY 1 trillion in 2024 and subsequently took the company private; since then it has been divesting unprofitable businesses to sharpen JSR's focus on semiconductor materials, and with the restructuring progressing, JIC has been weighing options including a sale or potential relisting. According to Economic Daily News, the potential acquisition could reshape the global semiconductor photoresist market, where JSR has long been a leading supplier alongside Tokyo Ohka Kogyo (TOK) and Sumitomo Chemical; JSR holds an estimated 30% market share and a strong position in advanced EUV photoresists, which could propel Mitsui Chemicals into the top tier of Japan's semiconductor lithography materials suppliers. The two companies have complementary EUV lithography businesses: Mitsui manufactures EUV pellicles under license from ASML, while JSR supplies advanced photoresists. The report notes the potential consolidation could raise concerns about increased supplier concentration for chipmakers such as TSMC and Intel, and that photoresist qualification for advanced processes including 3nm, 2nm, and future high-numerical-aperture (High-NA) EUV lithography is extremely stringent, making switching suppliers particularly costly.

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Source: TrendForce · 11/4/2026 · View original source