Japan’s Sumitomo Chemical eyes doubling chip material sales by ’30

Japan’s Sumitomo Chemical Company, aiming to offset recent losses, announced plans to more than double chipmaking material sales by fiscal 2030, President Keiichi Iwata told Nikkei on Wednesday.

The company is actively seeking new growth engines to offset a record loss in the fiscal year ending March 2024. The loss stemmed from weaknesses in both its petrochemicals and pharmaceuticals sectors.