Inabata, the Tokyo-listed trading company, has decided to buy ULVAC's 65% stake in a mask-blanks maker for ¥4.9bn, taking its holding from 35% to 100%. The business, an equity-method affiliate until now, will become a wholly owned subsidiary.
What is changing hands
Inabata will acquire 314,600 shares and hold 484,000 after the deal. Mask blanks are a core material for making semiconductors and flat-panel displays. The target makes them for both markets and also processes quartz substrates. Inabata says it is one of a handful of companies worldwide that can make the product from raw glass processing through to finished blanks.
Two overseas subsidiaries, in Taiwan and in Hefei, China, and a Japanese subsidiary also move to full Inabata ownership.
The numbers
The mask-blanks maker reported standalone sales of ¥8.92bn, operating profit of ¥1.076bn and net profit of ¥1.01bn for the year to June 2026. The business and its subsidiaries do not prepare consolidated statements. A simple sum of the four companies' standalone results shows sales of ¥15.45bn, operating profit of ¥2.231bn and net profit of ¥1.876bn. These are simple combined figures, not consolidated results.
Why each side says it is deal-worthy
Inabata says the purchase fits its current medium-term plan, which names semiconductor and electronic-component businesses as targets for more aggressive investment. It plans to focus on semiconductor customers and to push display revenue through production sites in Japan, China and Taiwan.
ULVAC says the sale supports its Value Up Plan, announced in August 2025, which shifts its portfolio toward semiconductors and electronics. It argues the business needs continued capital spending and that Inabata's customer base, sales network and procurement can add value. ULVAC expects a minor effect on its consolidated results for the year to June 2027.
Timing
Signing is scheduled for October 30 and the share transfer for December 18; neither has happened. Inabata says it is still assessing the effect on its consolidated results and finances.