Acceleration of restructuring of the semiconductor materials industry
https://www.j-ic.co.jp/jp/news/.assets/20240417_JIC_JICC_PressRelease.pdf
🟦JSR to be delisted after 1 trillion yen acquisition
JSR, a major semiconductor materials company, has announced that it has accepted a tender offer (TOB) from the Japan Investment Corporation (JIC), a public-private fund, and is aiming to delist. The purpose of this TOB is to lead the restructuring of the semiconductor materials industry and strengthen its international competitiveness.
JSR boasts the world’s largest market share in photoresists, which are indispensable materials for semiconductor manufacturing, and possesses advanced technological capabilities and competitiveness. On the other hand, the photoresist market size exceeds 300 billion yen, and five companies, including JSR and Shin-Etsu Chemical, are in an oligopoly that accounts for 90% of the total market. By accepting this TOB, JSR aims to expand the scale of its business and strengthen its management base, further enhancing its international competitiveness in the semiconductor materials industry.
History of JSR
- 1957: Established Japan Synthetic Rubber Co., Ltd. as a state-run company
- 1970s: Successful commercialization of semiconductor photoresists
- 1997: Changed the company name to JSR Corporation.
- 2021: Acquisition of Impria, a U.S.-based company engaged in the EUV photoresist business
- 2023: Sell the synthetic rubber business to ENEOS and concentrate management resources on the semiconductor and medical fields
🟦 Expansion of business scale to R&D investment and capital investment
This is due to the intensifying competition in technological development by semiconductor manufacturers and the need to expand the scale of their business as a result. Semiconductor manufacturers are demanding the development of more advanced materials as miniaturization technology advances. In order for semiconductor material manufacturers such as JSR to respond to the increase in R&D investment and capital investment, it is essential to expand the scale of their business. In light of this situation, based on the national strategy of strengthening Japan’s industrial competitiveness, the public-private fund JIC has decided to embark on support.
🟦Summary
JSR, a major semiconductor materials company, has accepted a tender offer (TOB) from the public-private fund JIC and aims to delist the company. It is positioned as the first step toward the restructuring of the semiconductor materials industry, and is expected to have a significant impact on strengthening Japan’s industrial competitiveness.
For JSR, which was originally established as a state-owned company, it may be a natural progression to accept investment from public and private funds.
