Mitsui Chemicals Acquires JSR Corp.

Mitsui Chemicals Inc. is acquiring JSR Corp., a leading supplier of photoresists, for a record 1.84 trillion yen ($11.64 billion), in a deal that will expand the Japanese company's semiconductor materials lineup and cement its position as the global leader in pellicles, protective membrane materials for semiconductor lithography, according to President Satoshi Ichimura.

The acquisition, valued at $11.64 billion, is expected to accelerate Mitsui Chemicals' transformation into a 'global specialty company' in high-performance materials, with the deal set to be completed by mid-2027. The Japanese conglomerate will fund the purchase through a 1.64 trillion yen bridge loan and 200 billion yen from the Development Bank of Japan.

Mitsui Chemicals has only three semiconductor materials with annual sales exceeding 10 billion yen, but the acquisition of JSR Corp.'s photoresist business is expected to broaden its product lineup and give it a significant foothold in the global chip materials market. The deal was announced on November 9, 2026, by President Ichimura, who stated that the move will help the company accelerate its growth and become a 'global specialty company' in high-performance materials.

President Satoshi Ichimura said the acquisition will enable Mitsui Chemicals to broaden its product lineup and give it access to new technologies, including EUV photoresists used by chipmakers behind advanced AI processors. The Japanese government-backed Development Bank of Japan is also providing 200 billion yen in funding for the deal.

Mitsui Chemicals' President Satoshi Ichimura will be joined in the deal by counterparts from JSR Corp., Tetsuro Hori and Shogo Ikeuchi, who are also involved with JIC Capital Ltd. The Japanese conglomerate's expansion into the chip materials market is seen as a significant move to support its growth strategy.

The acquisition is expected to have a significant impact on the global chip materials market, according to analysts, with JSR Corp.'s photoresist business being one of the world's two biggest makers. The deal is valued at approximately $11.6 billion and will be completed by mid-2027, with the Japanese conglomerate funding the purchase through a 1.64 trillion yen bridge loan and 200 billion yen from the Development Bank of Japan.

The acquisition was announced on November 9, 202

President Satoshi Ichimura's announcement has been met with cautious optimism from industry analysts, who see the deal as a significant move to support Mitsui Chemicals' growth strategy. However, some have expressed concerns about the potential impact on competition and market share. Tetsuro Hori and Shogo Ikeuchi, counterparts from JSR Corp., have declined to comment on the expected closing date, citing only that it will be in the second half of fiscal 2027. Meanwhile, Julian Lim has written an article about the acquisition on Startup Fortune, highlighting the deal's potential implications for the global chip materials market. The Japanese government-backed Development Bank of Japan is also closely monitoring the deal's progress, with a spokesperson stating that they are 'closely following' the expected completion date.