Concentrating resources on semiconductor materials and doubling high-k ALD capacity (2022)
A company shaped around a single product
Doubling capacity before demand is confirmed — that sequence is what defines this investment. The $17.5M (¥2bn) committed to the second Jeonju plant in July 2022 was decided before the surge in memory demand from generative AI was obvious to anyone. For the holder of the world's top share, a late expansion is itself the reason a customer starts looking for a second source. It was a decision to build ahead precisely because the product was already winning — an investment that, for a materials maker, carried a defensive character.
The price of that concentration shows up in the same figures. Segment profit in the chemicals business fell from $223M (¥29bn) in the year to March 2022 to $156.4M (¥24bn) in the year to March 2024, and even in the year to March 2026, when the group set a fresh record, it came in below the year before. What carried the company through the weak years was the low-margin food business and the life-science business of the Nihon Nohyaku it had bought back. The larger the semiconductor pillar and the wider its swing, the more it may be worth keeping the businesses that look ordinary.
Revenue and net margin, FY2017–FY2026
Revenue in ¥ bn (bars) and net margin in % (line), for the years around the decision. Shaded columns are FY2022 onwards — after it was taken.
Source: securities reports
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Other key decisions at ADEKA
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