Buying a third pillar in chemical products — Tokyo Kanagata, Fujioka Mold, GFI/IPM (2018)

The concentration risk that remains

The core of this run of acquisitions was not to shrink the earnings engine — polishing materials — but to build a second source of profit deliberately alongside it. Fujibo Holdings had already identified, as of 2018, the problem of consolidated results being swung by a single external factor, the semiconductor market, and it repeated the same logic — molds combined with injection-molded products — three times over, in Tokyo Kanagata, Fujioka Mold and GFI Holdings/IPM. That the policy did not break across a change of president suggests this was not one individual’s idea but an organization’s shared response to a recognized problem.

Even so, as of the year ended March 2025 polishing materials still accounted for 73% of consolidated operating profit, and it is hard to argue that expanding chemical products has dissolved the structure of dependence itself. If anything, because the semiconductor tailwind made the polishing business grow so fast, the relative weight of chemical products has become harder, not easier, to raise. With the effort to grow a second pillar and the faster growth of the main one running side by side, how far Fujibo Holdings’ portfolio diversification actually gets should show up in the resource allocation of the next medium-term plan, Shinka 26–30.