$6 billion privatization—on the back of the AI boom, it ends up being sold right away. METI’s dream of industry consolidation is falling apart a bit too quickly, but JSR, the leading photoresist company, has a solid foundation; whoever takes it over will have bargaining chips.

Japan Industrial Innovation Investment Corporation (JIC) is considering selling chip materials supplier JSR, which was previously taken private for about $6 billion. JIC is regulated by METI, was established in 2018, and aims to improve Japan’s competitiveness through investments. Insiders say that Fujifilm and Mitsubishi Chemical are interested in acquiring it. The AI boom has boosted valuations; JIC initially intended to drive consolidation in the materials industry via JSR, but has now shifted to selling under favorable market conditions. JSR was founded in 1957 and is a leader in photoresists. This fiscal year, its net profit was ¥60,700,000,000, and revenue was ¥400,700,000,000.