# Mitsui Chemicals buys chip materials maker JSR for $11.6 billion *The 1.84 trillion yen deal unites the top maker of extreme ultraviolet pellicles with the second-largest producer of advanced logic photoresists.* **Published:** November 9, 2026 **By:** Kenji Sato **Section:** Semiconductors & AI Hardware — Japan **Format:** Breaking **Confidence:** medium **Source:** https://eastasiabrief.com/semiconductors/mitsui-chemicals-buys-chip-materials-maker-jsr-11-6-1263 **Publisher:** East Asia Brief (https://eastasiabrief.com/) --- ## What to know - Mitsui Chemicals agreed Nov. 9, 2026, to buy JSR for 1.84 trillion yen ($11.6 billion) - JSR holds about 30% of the advanced photoresist market alongside Mitsui's top-ranked EUV pellicle unit - The transaction is scheduled to close in the second half of fiscal 2027 ending March 2028 ![Technicians in cleanroom suits handle transparent disks and chemical containers inside a semiconductor materials facility. (AI-generated image)](https://eastasiabrief.com/media/2026-11-09-9853a69500ba.webp) *Technicians in cleanroom suits handle transparent disks and chemical containers inside a semiconductor materials facility. (AI-generated image)* Mitsui Chemicals agreed Nov. 9, 2026, to acquire semiconductor materials manufacturer JSR for 1.84 trillion yen ($11.6 billion), establishing Japan's largest integrated supplier of advanced lithography chemicals. The transaction combines the world's primary manufacturer of extreme ultraviolet pellicles with the second-largest global producer of photoresists. Both product lines represent critical chemical inputs for advanced logic foundries. The enterprise valuation includes 1.3921 trillion yen ($8.8 billion) in equity value and 447.9 billion yen ($2.8 billion) in assumed net debt. Mitsui Chemicals disclosed the finalized share purchase agreement in a regulatory filing on Monday. The board of Mitsui Chemicals approved the acquisition following an auction run by Japan Investment Corp Capital. The government-backed fund privatized JSR in 2024 for approximately 900 billion yen ($5.7 billion) to restructure the domestic materials sector. Under the purchase agreement, Mitsui Chemicals will secure 100% of the voting equity in JSR. The Development Bank of Japan will co-invest 200 billion yen ($1.3 billion) by subscribing to non-voting preferred shares. Mitsui Chemicals secured 1.64 trillion yen ($10.3 billion) in bridge financing from its primary lending institutions to fund the transaction. The chemical producer submitted a shelf registration statement on Nov. 9 to issue up to 150 billion yen ($945 million) in common stock. The chemical group said its net debt-to-operating cash flow ratio will exceed 4.0 immediately after closing. Mitsui Chemicals plans to refinance the bank bridge loans within 12 months using long-term debt and hybrid capital instruments. The combined entity unites complementary process materials used in extreme ultraviolet and deep ultraviolet lithography. JSR controls an estimated 30% share of the worldwide market for advanced photoresists, trailing only Tokyo Ohka Kogyo. Photoresists are light-sensitive chemical formulations deposited onto silicon wafers to imprint nanoscale circuit architecture. JSR also owns Oregon-based Inpria, the leading developer of metal-oxide photoresists designed for high-numerical-aperture lithography scanners. Mitsui Chemicals holds the dominant global manufacturing position in extreme ultraviolet pellicles. Pellicles are ultra-thin membranes mounted above photolithography masks to prevent airborne dust particles from settling onto microscopic circuitry patterns. Leading-edge chipmakers including Taiwan Semiconductor Manufacturing Co. and Samsung Electronics rely on both suppliers for high-volume manufacturing. Combining pellicle membranes and photoresist formulations under one corporate parent concentrates critical lithography intellectual property within Tokyo. JSR recorded revenue of 440.72 billion yen ($2.8 billion) and an operating net profit of 59.33 billion yen ($374 million) for the fiscal year ended March 2026. The materials supplier shed unprofitable lines during two years under state-backed ownership. Mitsui Chemicals reported that the integration will yield 40 billion yen ($252 million) in incremental annual operating profit by 2035. The targeted financial gains depend on joint research in next-generation patterning films and unified raw-material procurement. To absorb the financial strain, Mitsui Chemicals will restructure its corporate portfolio around semiconductor materials and healthcare. The company confirmed plans to carve out its automotive composite resin and basic petrochemical businesses into separate operating joint ventures. JSR will simultaneously initiate strategic alternatives for its non-semiconductor divisions. The group plans to divest or carve out its contract biopharmaceutical development and manufacturing operations, including American subsidiary KBI Biopharma, before transaction closing. The buyout marks the largest domestic acquisition in the history of the Japanese chemical sector. The transaction value exceeds the roughly 1 trillion yen acquisition of Hitachi Chemical by Showa Denko in 2020. The consolidation reflects broader industrial policy initiatives steered by Japan's Ministry of Economy, Trade and Industry. Japanese regulators have encouraged horizontal mergers among domestic chemical suppliers to counter state-backed competition from mainland Chinese material developers. The acquisition remains subject to merger filings and national security investment screenings across multiple jurisdictions. Regulators in the United States, South Korea, Taiwan and the European Union must evaluate the combined entity's pricing power in lithography consumables. The regulatory filings do not specify the precise timetable for antitrust clearances across individual foreign jurisdictions, nor has Mitsui Chemicals finalized the interest rates or repayment terms for its planned long-term mezzanine refinancing. Mitsui Chemicals said it expects to finalize the acquisition in the second half of fiscal 2027, spanning October 2027 through March 2028. ## Impact map | Event | Korea | China | Japan | Global impact | | --- | --- | --- | --- | --- | | Mitsui Chemicals acquires JSR | Samsung Electronics faces a consolidated single supplier for EUV pellicles and advanced photoresists | Domestic photoresist developers face higher technical barriers from unified Japanese lithography IP | Mitsui Chemicals establishes domestic lithography giant with 40 billion yen targeted annual synergies | Leading-edge foundries navigate supply chain concentration in extreme ultraviolet patterning chemicals | | Mitsui Chemicals acquires JSR | Samsung Electronics faces a consolidated single supplier for EUV pellicles and advanced photoresists | Domestic photoresist developers face higher technical barriers from unified Japanese lithography IP | Mitsui Chemicals establishes domestic lithography giant with 40 billion yen targeted annual synergies | Leading-edge foundries navigate supply chain concentration in extreme ultraviolet patterning chemicals | ## In this story - **Companies:** Mitsui Chemicals, JSR - **Tickers:** 4183.T - **Exposed:** Tokyo Ohka Kogyo, Samsung Electronics - **Policy:** Investment Screening - **Impact:** Supply Chain, Capex, Pricing ## Primary sources 1. mitsuichemicals.com 2. minkabu.jp 3. technode.global 4. biggo.jp 5. fnnews.com --- Cite as: East Asia Brief, "Mitsui Chemicals buys chip materials maker JSR for $11.6 billion," November 9, 2026. https://eastasiabrief.com/semiconductors/mitsui-chemicals-buys-chip-materials-maker-jsr-11-6-1263