Toto Climbs to $7 Billion on Memory Chip Ceramics Expansion

Toto has risen more than 20% over the past week, lifting the Japanese toilet maker’s market value to about $7 billion, after the company said it is expanding its advanced ceramics division for semiconductor memory manufacturing. According to its annual report, the semiconductor business generates about 50% of operating profit while accounting for less than 10% of sales.

Toto’s advanced ceramics remain stable at very low temperatures and help hold silicon wafers firmly during chip production. That makes the products relevant for cryogenic etching, which is becoming a more important part of memory-chip manufacturing as chips gain more layers and complexity.