Notice of Establishment of Joint Venture with Mitsubishi Gas Chemical Company, Inc.

ITEQ Corporation (ITEQ; Head Office: Hsinchu County, Taiwan; Chairman: Dennis Chen) is pleased to announce that we have established a joint venture company on March 31st, 2022 in Taiwan, for the purpose of manufacturing and selling products for the Laminated Material for Printed Wiring Board with Japanese electronic and chemical materials manufacturer Mitsubishi Gas Chemical Company, Inc. (MGC).

ITEQ Corporation, manufacturer of high-performance copper-clad laminates and prepregs used for the fabrication of printed circuit boards (PCB), provides high speed/high frequency, low-loss, lead-free, and halogen-free materials used in multifaceted application areas, including network communications, automotive electronics, smartphones, and consumer electronics. The ultra-low loss and ultra-high frequency materials developed by ITEQ are highly acknowledged by customers and well adopted in the 5G infrastructure and hyperscale data center applications.

MGC’s Electronic Materials Division, Specialty Chemicals Business Sector, provides Laminated Materials for printed circuit boards for semiconductor package applications, which are characterized by high heat resistance and low thermal expansion using its proprietary technology “BT Resin”, and which have been highly regarded in the market. In addition, MGC’s laminated materials have been widely used in semiconductor applications such as mobile phones, personal computers, and automobiles.

The semiconductor market is expected to grow further, driven by increased investment in data centers, the widespread of the 5th generation mobile communications (5G), and technological innovation in the automotive industry (CASE/ADAS).

In response to the expansion and diversification of the semiconductor market in the future, ITEQ and MGC will jointly work to provide new products for IC Substrates that meet the market demands by utilizing the technologies, equipment and knowledge of both companies by establishing this joint venture.

< Outline of Joint Venture Company >
Company name: MGC-ITEQ Technology Co., Ltd.
Location: No.17, Daluge Rd., Xinpu Township, Hsinchu County, Taiwan (ITEQ Head Office)
Date of Establishment: March 31st, 2022
Capital: NTD 100 million
Investment ratio: 49% by ITEQ, 51% by MGC
Chairman of the Board: Tomoyuki Azuma
Business activities: Manufacture and sale of copper-clad laminates and prepregs, mainly for IC package substrate applications
Company name: Mitsubishi Gas Chemical Company, Inc. (三菱ガス化学株式会社 in Japanese)
Location: Mitsubishi Building, 5-2, Marunouchi 2-chome Chiyoda-ku, Tokyo, Japan
Date of Establishment: April 21st, 1951
Capital: JPY 41.97 billion (as of the end of March, 2021)
Sales: JPY 344.8 billion (JPY 595.7 billion consolidated) (FY2020, as of the end of March, 2021)
Business activities: Manufacture and sale of various chemical products
Number of employees: 2,489 (9,925 consolidated) (as of the end of September, 2021)