Chemical
Toray Industries exits Soda Aromatic stake in ¥41 billion deal as portfolio overhaul accelerates
Toray and co-shareholder Mitsui & Co. will transfer 100% ownership of Soda Aromatic to Samyang Corporation Japan, a Japan-based subsidiary of South Korea’s Samyang Corporation
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By ICN Bureau | June 02, 2026
Toray Industries has agreed to divest its entire equity stake in Soda Aromatic Co, marking a decisive move in its ongoing push to streamline its business portfolio and sharpen capital efficiency.
Under the agreement, Toray and co-shareholder Mitsui & Co. will transfer 100% ownership of Soda Aromatic to Samyang Corporation Japan, a Japan-based subsidiary of South Korea’s Samyang Corporation. The transaction has already been signed and sets the stage for a full ownership transition once regulatory approvals are cleared.
Soda Aromatic—specializing in the manufacture and sale of flavors, fragrances, and related products—is currently held 66% by Toray and 34% by Mitsui. That structure will be fully unwound as both shareholders exit completely.
The deal values Soda Aromatic at an enterprise value of ¥41 billion, with the final transfer price to be determined at closing after adjustments for net interest-bearing debt, working capital, and other financial factors.
The transaction was signed on May 29, 2026, and is expected to close in the first half of the fiscal year ending March 2027, subject to regulatory approvals and standard closing conditions.
Toray framed the divestment as part of its broader restructuring under its Medium-Term Management Program, “IGNITION 2028,” aimed at improving capital efficiency and driving sustainable value creation through portfolio optimization and a “best-owner” approach to asset allocation.
The company said it will continue reallocating management resources to strengthen growth and long-term value creation.
On employees, Toray emphasized that it has been in close discussions with the buyer to ensure stability in employment and working conditions, and expects Soda Aromatic’s operations to continue on a steady growth path following the transition.
