Resonac Holdings has agreed to sell its graphite electrode business in Japan, the Americas and Europe to European private equity group AURELIUS for an undisclosed price and expects to book a loss of about ¥105bn on the deal, the company said on 12 November 2026.
Why AURELIUS (AURELIUS Investment Lux Thirty-Five SARL) is buying Resonac's graphite electrode business in Japan, the Americas and Europe
Resonac said it had been reviewing strategic options for the unit since February 2026 after rationalisation measures including the closure of plants in Malaysia and China and job cuts. It concluded that AURELIUS, which it described as a global private equity fund with experience in business transformation, would be the best owner to grow the business, and that the sale would put a limit on losses from its portfolio reform.
Deal terms and financing
Resonac Graphite Japan will split off the business into a new subsidiary, and Resonac Graphite Germany will transfer its business to a new German company. Shares in those companies and in subsidiaries in the Americas, Austria, Italy, Spain and Mexico, including AMI Automation, will then go to AURELIUS. The price was not disclosed. Resonac Graphite Japan will keep its Omachi plant and manufacture graphite electrodes and pins for the business under a toll-manufacturing agreement, with the new owner bearing manufacturing and inventory costs.
Regulatory approvals and timing
Completion requires competition and other regulatory clearances for AURELIUS in Japan and abroad and is scheduled for the second quarter of the year ending December 2027.
Market context
Resonac, formerly Showa Denko, began making graphite electrodes in 1938 and became one of the world's largest producers after buying SGL Carbon's electrode business in 2017. In December 2025 Resonac cited sluggish demand and aggressive low-price sales by competitors when it announced job cuts in Germany. AURELIUS bought Resonac's FIAMM battery business in 2025.
