On June 7th, Idemitsu Kosan Co., Ltd. (hereinafter referred to as "Idemitsu Kosan") and Xi'an Manareco New Materials Co., Ltd. (hereinafter referred to as "Xi'an Manareco") announced an agreement to allow Xi'an Manareco to increase its investment in Idemitsu Electronic Materials (China) Co., Ltd. located in Chengdu, Sichuan Province, China. After the capital increase, Idemitsu Group and Xi'an Manareco will hold 80% and 20% shares respectively in Idemitsu Electronic Materials (China).
It is reported that after the joint venture company is established, Idemitsu Electronic Materials (China) will take over the sales function of Japan's Idemitsu Kosan to the OLED display company in China, and deepen the relationship with Chinese display companies through the localization of business. In addition, by combining Idemitsu Kosan's organic EL material development capabilities and its sales and supply networks to Chinese panel manufacturers, as well as Xi'an Manareco's organic EL material manufacturing technology, the companies hope to provide high-quality and competitive products, increase the usage rate of domestically produced components in China, and further expand market share.