Acquisition of US dental materials company: Strategy comes as no surprise

Research evidence excerpt

Acquisition of US dental materials company: Strategy comes as no surprise

Global Markets Research

15 June 2026Mitsui Chemicals

4183.T 4183 JP / EQUITY: JAPAN CHEMICALS & TEXTILES

Acquisition of US dental materials company: Rating NeutralStrategy comes as no surprise

Target price JPY 2,140Quick Note

Closing price

15 June 2026 JPY 2,185.5We see no major impact on share price in near term

Mitsui Chemicals announced the acquisition of Ultradent Products, which is involved in (Note: Quick Note reports are not a

dental materials such as whitening products (including sales of bundled products, such as vehicle for changes to ratings, target

chemicals and containers) and restorative materials, after the close of trading on 12 June prices, or earnings forecasts)

and held a briefing from 13:30 JST on 15 June. The acquisition does not come as a major

surprise to us, as the company said at its business performance briefing on 27 May in its

discussion of potential M&A activity in the area of medical solutions that it was focusing on

dental materials and other oral care businesses where margins have been improving. Research Analysts

While we understand the company's policy of aiming for comprehensive dental materials,

Japan chemicals & textileswe do not envision any major impact on the share price in the near term, as we do not

Shigeki Okazaki - NSCenvision any major changes in core operating profits over the next few years, having

shigeki.okazaki@nomura.com

factored in PPA amortization. +81 3 6703 1170

Applying the company's polypropylene technology to Ultradent product

development

Mitsui Chemicals said it expects to use its polypropylene technology in the syringes and

containers developed by Ultradent to improve satisfaction in terms of ease of use and