Mitsubishi Chemical has actively pursued sales of its photoresists not only in Japan, but also globally, especially in South Korea, Taiwan, North America, and Europe. Among these countries, Mitsubishi Chemical customers in South Korea had pushed strongly for local Korean production of photoresists. After much discussion, Mitsubishi Chemical has agreed with Samyang Corporation on the terms of the joint venture, including location and investment.

The new company, Lithochem Korea Co., Ltd., will start constructing a 100,000-gallon/year production plant in Chonan Industrial Estate, located in Chonan City. South Korea, with completion scheduled for February 1999.Mitsubishi Chemical will provide production and evaluation technology for photoresists, while Samyang Corporation will support administration and operation of the joint venture. In the future, through joint development of new photoresists with customers, fast response times, and a stable supply to the market, Mitsubishi Chemical plans to better meet the needs of its customers. An outline of the company is given in the appendix.

Mitsubishi Chemical is currently increasing its number of research staff, and reinforcing its evaluation equipment in order to expand its photoresist business. Furthermore, the company completed an expansion of its Kurosaki plant in September last year, where capacity now stands at 200,000 gallons/yr. Including capacity at the new Korean joint venture, Mitsubishi Chemical will have capacity of 300,000 gallons/yr.