SUSS bets on inkjet printing for advanced packaging

Last week we visited SUSS in Eindhoven. SUSS is mainly active in specialist lithography and bonding machines for the semiconductor industry. We have been invested in SUSS through Gerlin Participaties since 2018, and through Midlin since 2025.

During our visit we discussed a relatively new technology: inkjet printing for advanced packaging, i.e. chip packaging. Inkjet printing is used to apply coatings, also known as inkjet coating. These coatings are applied to wafers, the thin slices of silicon on which chips are made. Inkjet coating is one of the technologies in which the company expects growth in the coming years, alongside other growth areas such as hybrid bonding (where Besi, based in Duiven, is the market leader) and wafer cleaning.

The Eindhoven operations have a long history spanning more than two decades within the Dutch high-tech industry. Its roots lie in the solar industry at OTB Solar, after which, via Roth & Rau and Meyer Burger, it eventually ended up at SUSS. With the acquisition of the PiXDRO inkjet printing division in 2019, SUSS brought this expertise in-house. In the past, the Eindhoven site focused on various end markets, including the solar industry and custom-built systems for research institutions. Since the acquisition by SUSS, the focus has shifted to applications for major players in the semiconductor industry and high-volume manufacturing (HVM).

Coating is an essential step in chip production, applying thin layers of material for purposes such as protection, insulation or further process steps. SUSS has built a strong position here with spin coating equipment, which in the past accounted for roughly a quarter of revenue. Traditional coating methods are particularly suited to uniform layers but are less flexible for complex structures or when multiple materials need to be applied side by side. Inkjet coating makes it possible to apply material in a highly targeted way, with greater precision and less waste, offering advantages for new packaging technologies and, in specific applications, an alternative to traditional coating methods. Its current contribution to SUSS's revenue is still limited, but is expected to grow as a share of the total in the coming years.

The competitive landscape is one in which SUSS is well positioned. The company works together with major industry players, leading research institutes and key materials companies, building on existing customer relationships, its technological expertise and a global service and sales network. This sets SUSS apart from smaller players, which are often still at an earlier stage and have limited access to customers and production environments.

The visit confirmed for us that inkjet coating is a relevant development for SUSS. The technology addresses limitations of existing processes, particularly around flexibility and material use. At the same time, the technology is still evolving, and further scale-up — particularly in materials development and process reliability — will be decisive for its ultimate success. We are confident that SUSS can develop into a leading player in inkjet coating, with this technology expected to contribute to the company's medium-term targets of €750–900 million in revenue and a 20–22% EBIT margin by 2030.