Henkel to acquire coatings specialist Stahl

Stahl the Netherlands-based maker of speciality coatings for flexible materials, together with its shareholders Wendel (68.5%), BASF (16.1%) and Clariant (14.6%) announced on February 4 that it has entered into an agreement to be acquired by Henkel for an enterprise value of €2.1 billion. The transaction marks the handover of Stahl after 20 years of majority ownership by Wendel.

Henkel and Stahl say they share a strong alignment in their strategic vision, including customer intimacy, a deeply rooted innovation mindset and commitment to ESG leadership. Both organisations are headquartered in Europe and offer complementary speciality solutions to shared end markets, laying the foundation for commercial synergies.

Henkel's innovation capabilities will accelerate Stahl’s growth as a leader in speciality coatings in the niche of flexible materials. By combining forces, Stahl expects to further enhance its customer intimacy, expand its technology portfolio, and reinforce its position as a trusted partner to its global customer base.

Maarten Heijbroek, CEO of Stahl, said: “We are deeply grateful to Wendel for the long-term partnership and support that has shaped Stahl over the past two decades. Under Wendel’s ownership, Stahl has undergone a significant transformation into a focused, pure‑play speciality coatings company with a strong global footprint, strengthened technologies, and a resilient market position. This transformation means we are now well‑positioned for further growth.”

“As we move into our next chapter under the Henkel umbrella, we believe this acquisition will further strengthen our leadership position in speciality coatings for flexible materials. Henkel's strong innovation capabilities will further enhance value for our customers, and our shared values make this a natural and exciting next step for Stahl.”

Stahl’s portfolio comprises leather finishing coatings, performance coatings as well as high-performance paper packaging & graphics coatings. The company employs around 1,700 employees and generated adjusted sales of approximately €725 million in fiscal year 2025 with a balanced regional footprint.

“With the acquisition of Stahl, we will further strengthen our Adhesive Technologies business unit in line with our strategic agenda for purposeful growth. It will enable us to expand into the attractive adjacent category of specialty coatings with product offerings in core as well as in new end-markets, driving further growth in our Adhesive Technologies business unit. Together with the recently announced intention to acquire ATP Adhesive Systems, we have agreed to two significant M&A projects, adding up close to one billion euros of sales and substantially advancing the growth potential for our world-class Adhesive Technologies business,” said Henkel CEO Carsten Knobel.

For employees, customers, and partners, it remains business as usual during the transition period. Stahl will continue to operate with its existing organisation and maintain its commercial and operational commitments.

Completion of this transaction is subject to customary closing conditions and regulatory approvals. Additional details regarding closing will be communicated as the process progresses.

Photo: Stahl is a global player in high-performance specialty coatings for flexible materials, serving leading brands across automotive, fashion & lifestyle and packaging markets (© Stahl)

Stahl 
Henkel