SAN FRANCISCO, April 2, 2025 /PRNewswire/ -- Kuraray Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; President: Hitoshi Kawahara) has decided to acquire Nelumbo Inc. (Headquarters: Hayward, California, USA; CEO: Liam Berryman; hereinafter "Nelumbo"), a company with unique materials technology for surface modification. The purchase price has not been disclosed.

Background of the Acquisition

Nelumbo was founded in 2016 as a technology start-up out of University of California, Berkeley and has been exploring the application and practical use of various substrate surface modification technologies. In 2023, we entered into an "Exclusive Partnership Agreement" with Nelumbo and have been working together to apply the surface modification technology to fibers and other polymer products.

Through this collaboration, we evaluated Nelumbo's technology and concluded that it has excellent potential to improve the functionality of substrate surfaces on a wide range of substrates, including water repellency, without using PFAS and other chemicals that are increasingly regulated.

The Kuraray Group has positioned "Innovation Starting with Networking" as one of the three challenges in its medium-term management plan, PASSION 2026, and is working to create new businesses. This technology will enhance and expand to Kuraray's base of polymer chemistry, synthetic chemistry, and related peripheral technologies and provide new value to the market.

Outline of Acquired Company

Company name: Nelumbo, Inc.

Head Office: Hayward, California, U.S.A.

Representative: Liam Berryman (CEO)

Established: 2016

Main Business: Development and application study of surface modification technology

Overview of the Acquiring Company

Company name: Kuraray Co., Ltd.

Head office: Chiyoda-ku, Tokyo

Representative: Hitoshi Kawahara, President and Representative Director

Established: 1926

Capital: 89 billion yen (as of December 31, 2024)

Main businesses: Manufacture and sale of resins, chemicals, fibers and textiles, activated carbon.

The acquisition will be executed through Kuraray's U.S. subsidiary Kuraray Holdings U.S.A., Inc. Houlihan Lokey served as exclusive financial advisor to Nelumbo

Future Outlook

This transfer is not expected to have a material impact on Kuraray's consolidated performance. Going forward, we will promptly disclose any matters requiring announcement, such as revisions to earnings forecasts.

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SOURCE Nelumbo Inc.