TOKYO -- Mitsubishi Chemical announced Tuesday that it acquired Advanced Polymer Technologies, a California-based supplier of specialty plastic materials for such industries as semiconductors and aerospace.
The move seeks to expand the Japanese company's presence in engineering plastics, demand for which is forecast to grow with the rise of 5G communications networks and interconnected devices.
The Mitsubishi Chemical Holdings unit purchased all shares in APT through a subsidiary, in a deal likely valued at just under 1.5 billion yen ($13.9 million).
APT processes engineering plastics, which are more heat-resistant and stronger than conventional plastics, and are used in areas including chipmaking equipment and aircraft.
The U.S. company has many clients in North America and Asia. Mitsubishi Chemical looks to use the acquisition's strength in processing and its sales network to expand its own business.