Mitsui Chemicals Inc. (4183.T): Aiming for oral care business expansion through acquisition of US-based Ultradent; Neutral

Research evidence excerpt

Mitsui Chemicals Inc. (4183.T): Aiming for oral care business expansion through acquisition of US-based Ultradent; Neutral

Equity Research

15 June 2026 | 10:39PM JST

Mitsui Chemicals Inc. (4183.T): Aiming for oral care business expansion

through acquisition of US-based Ultradent; Neutral

Mitsui Chemicals held a strategic briefing on its Life & Healthcare Solutions business, Atsushi Ikeda

+81(3)4587-9940 |

centered on the recently announced acquisition of Ultradent Products Inc. (Ultradent atsushi.ikeda@gs.com

Goldman Sachs Japan Co., Ltd.

hereafter). On June 12, Mitsui Chemicals announced the acquisition of Ultradent for

Yuri Izumikawa

USD 900 million. Through the acquisition of Ultradent—one of the global leaders in +81(3)4587-3643 |

whitening and restorative dental materials—the company outlined an ambitious plan yuri.x.izumikawa@gs.comGoldman Sachs Japan Co., Ltd.

to capture the high growth of the whitening segment and to expand its oral care

business by using Ultradent’s strong presence in the U.S. as a foothold. That said,

given Mitsui Chemicals’ historically weak track record in dental materials, recent

performance trends at Ultradent, and broader market conditions in the dental

materials industry, we believe the acquisition is unlikely to be a material catalyst for

share price appreciation. We maintain our sector-relative Neutral rating.

Overview of Ultradent

Ultradent is a US-based oral care company with a leading market share in the US

whitening segment. For FY12/25, the company reported revenue of USD 372.1

million and operating profit of USD 30.9 million, implying an OPM of 8.3%. We

estimate that approximately 60% of Ultradent’s revenue is derived from whitening

products, with the remaining ~40% from direct and indirect restorative materials.