align="justify">Mitsubishi Chemical Corp, a unit of Mitsubishi Chemical Holdings Corp, of Tokyo, Japan has agreed to acquire the near-ultraviolet LED business of Mitsubishi Cable Industries Ltd (including the facilities and the technology to produce the chips) at the end of March for ¥1.5bn (about $13.9m), reports Nikkei Net.

The Mitsubishi Cable near-UV LED manufacturing operations in Amagasaki, Hyogo Prefecture will be moved to Mitsubishi Chemical’s facilities in Ushiku, Ibaraki Prefecture.

Mitsubishi Chemical expects increasing demand for near-UV LEDs in applications such as LCD panels and lighting.