TOKYO (dpa-AFX) - Sumitomo Chemical Company, Ltd. (SOMMF, 4005.T) on Thursday said it has entered into a definitive agreement to acquire Asia Union Electronic Chemical Corporation, or AUECC, a Taiwanese semiconductor process chemicals company.
The acquisition of AUECC will enable Sumitomo Chemical to bolster its global reach and establish its first manufacturing base for semiconductor process chemicals in Taiwan, and a second in the United States, alongside its Texas site.
Sumitomo has not divulged the financial terms of the transaction.
The pact also underpins Sumitomo Chemical's target of doubling fiscal year 2024 sales by fiscal year 2030.
On the Tokyo Stock Exchange, Sumitomo Chemical's shares are trading 2.43% higher at 468.50 yen.
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