Japan state-backed fund considering sale of chipmaking materials maker JSR, sources say

Mitsubishi Chemical

28/05/2026 05:50

Fujifilm, Mitsubishi Chemical have expressed interest in JSR, sources say
AI boom has lifted the valuations of chip supply chain firms 
JSR, leading maker of photoresists, has swung back to profit 
By Miho Uranaka and Sam Nussey

    TOKYO, May 28 (Reuters) - Japan Investment Corp (JIC), a state-backed fund, is considering selling JSR, two people familiar with the matter said, two years after it took the maker of chipmaking materials private in a $6 billion deal. 
Fujifilm 4901.T and Mitsubishi Chemical 4188.T have expressed interest in acquiring the company, they added, declining to be identified as the information was not public.
Massive investments in AI have lifted the valuations of chip supply chain firms, and JIC - which had aimed to use JSR to drive industry consolidation in the materials sector - is now looking at taking advantage of those buoyant market conditions to sell, according to one of the people.
JIC, JSR, Fujifilm and Mitsubishi Chemical did not immediately respond to requests for comment. 
    JSR, established in 1957, is a leading manufacturer of photoresists which are used to transfer circuit patterns onto semiconductor wafers.
Fujifilm also makes photoresists, while Mitsubishi Chemical manufactures chemicals that go into photoresists.
At the time of its acquisition, JSR had argued that the go-private deal would free it from managing its foreign investor base and enable it to pursue acquisitions. But some in the industry questioned whether JSR could successfully clinch deals that would reshape the materials sector. 
JSR's new CEO said last year he was focused on restoring the company's business performance and it was not ready to make acquisitions. 
It logged a net profit of 60.7 billion yen ($380 million) on 400.7 billion yen of revenue in the year ended March, returning to profitability after being pulled down by its life sciences business the year before.
Japan has numerous companies making niche but essential chipmaking materials and equipment, many of which have seen their valuations surge amid the AI boom. 
Shares in photoresist maker Tokyo Ohka Kogyo 4186.T, for example, have tripled over the past year, giving it a valuation of 1.4 trillion yen.
JIC, which is overseen by the trade ministry, was set up in 2018 to invest in companies with the goal of boosting Japan's competitiveness. It has also invested in medical equipment maker Topcon with private equity firm KKR KKR.N. 

  ($1 = 159.5200 yen)

 (Reporting by Miho Uranaka and Sam Nussey; Editing by Edwina Gibbs)
 ((sam.nussey@tr.com;))