# Mitsui Chemicals buys JSR for 1.84 trillion yen

> Mitsui Chemicals acquires JSR, world's top photoresist maker, in 1.84 trillion yen deal.
- Title: Mitsui Chemicals buys JSR for 1.84 trillion yen | Shortify
- Summary: Mitsui Chemicals acquires JSR, world's top photoresist maker, in 1.84 trillion yen deal.
- Keywords: mitsui chemicals, jsr corporation, photoresist, euv lithography, japan investment corporation, jic, semiconductor materials, chip manufacturing, Startup Fortune
- Source: Startup Fortune — https://startupfortune.com/mitsui-chemicals-agrees-to-buy-chip-materials-maker-jsr-for-184-trillion-yen
- Published: 2026-11-09T03:22:50+00:00
- Read time: 1 min
- Topics: mitsui chemicals, jsr corporation, photoresist, euv lithography, japan investment corporation, jic, semiconductor materials, chip manufacturing, startups, business
## Mitsui Chemicals acquires JSR
Mitsui Chemicals agreed to buy JSR Corporation, one of the world's two biggest photoresist makers, for 1.84 trillion yen.
## Deal details
The seller is JIC Capital, Japan Investment Corporation's arm that took JSR private in 2024, with closing expected in Q2 2027.
## Funding strategy
Mitsui secured a 1.64 trillion yen bridge loan from banks and 200 billion yen from Development Bank of Japan for the deal.
## Profit target
Mitsui aims for 40 billion yen annual profit by 2035 and to become Japan's largest semiconductor materials supplier by sales.
## Why photoresist matters
Photoresist is the coating used in EUV lithography for the finest AI chip circuits, where defects cause entire chip failures.
## JSR's market position
JSR holds second place globally in photoresist, qualifying for the most expensive chip factories with minimal supplier switching.
## JIC's exit strategy
JIC paid 900 billion yen for JSR in 2024, and Mitsui's deal doubles that value including debt, keeping Japan's materials sector under domestic control.
## Regulatory hurdles
China's market regulator approval is critical as JSR sells into Chinese fabs, with approvals from multiple jurisdictions delaying JIC's original purchase.
## Key takeaway

Mitsui Chemicals agreed to buy JSR Corporation for 1.84 trillion yen, making it the largest acquisition in Japan's chemical industry history.