DIC Forms Capital and Business Alliance with Taiyo Holdings


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DIC Corp. has entered into a capital and business alliance with Tokyo-based Taiyo Holdings Co. Ltd, under which Taiyo Holdings would become an equity-method affiliate of DIC.

Established in 1908 as a manufacturer of printing inks, DIC has built on its basic organic pigments and synthetic resins technologies to expand the scope of its business. Today, the company provides an extensive range of products covering a wide range of industries, including printing, automobile manufacturing and electronics.

Taiyo Holdings is involved in the manufacture and sale of chemical products for use in printed wiring boards (PWBs) and other electronics components and in semiconductors. The company commands a top-class share of the global market for solder resist, which is critical to the production of PWBs.

DIC and Taiyo Holdings recognized the benefits to be gained by bringing together DIC’s materials development capabilities and Taiyo Holdings’ firm understanding of market needs, which reflect an extensive supply chain from solder resist to PWBs.

Under the terms of the business alliance, technologies owned by DIC and Taiyo Holdings will be leveraged to develop products for molded interconnect devices (MIDs) and other new types of PWBs. Also, the two companies will capitalize on DIC’s polymer development and pigment dispersion technologies to collaborate in the development of printable materials for PWBs.

DIC will make use of Taiyo Holdings’ strong industry connections, as well as its evaluation technologies, to facilitate the development and swift commercialization of products suited to the electronics industry. DIC will also produce solder resist under contract at certain overseas production facilities, which will increase the operating rates of these facilities and reduce production costs for Taiyo Holdings.

Taiyo Holdings will allocate 5,617,000 shares of its common stock, representing 19.50% of voting rights and 19.47% of shares issued, to DIC through a third-party allotment. As a consequence, DIC will become Taiyo Holdings’ principal shareholder, and Taiyo Holdings will become an equity-method affiliate of DIC.

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