Samyang Corporation Japan, a subsidiary of South Korea's Samyang Corporation, signed an agreement on 29 May to acquire all of Tokyo-based Soda Aromatic from Toray Industries and Mitsui & Co. at an enterprise value of ¥41.0bn.
Why Samyang Corporation (via Samyang Corporation Japan) is buying Soda Aromatic Co., Ltd.
Samyang wants to move beyond basic food ingredients such as sugar, flour and starch sweeteners into higher-margin flavours and fragrances, combine Soda Aromatic's customer network with its sugar-reduction and dietary-fibre businesses, and use the company as a base in Japan and China and a route into North America and Europe. Mitsui described the sale as part of restructuring its business portfolio.
Deal terms and financing
Toray sold its 66% stake and Mitsui its 34%. The final transfer price was to be adjusted for Soda Aromatic's net debt, working capital and other items as of the closing date.
Regulatory approvals and timing
The deal required regulatory approvals and was expected to close in the first half of the fiscal year to March 2027. Mitsui announced on 1 July that the transfer had been completed.
Market context
Soda Aromatic was founded in 1915 and had 509 employees on a consolidated basis at the end of March 2026. It produces flavour compounds, fragrance materials and aroma chemicals such as lactones at seven production sites.
