Henkel has agreed to acquire the Dutch-based Stahl Group, a global leader in high-performance specialty coatings for flexible materials, for an enterprise value of 2.1 billion Euros, both companies announced in press statements on their websites. Stahl is currently majority-owned by French private equity firm Wendel SE, alongside minority shareholders BASF and Clariant.
Stahl is a highly innovative player serving premium brands across automotive, fashion & lifestyle, and packaging markets. Its portfolio includes leather finishing solutions, advanced performance coatings, and high-performance paper packaging and graphics coatings. The company operates an asset-light, know-how-driven business model with a strong focus on customization and customer intimacy.
With approximately 1,700 employees worldwide, Stahl generated adjusted sales of around 725 million Euros in fiscal year 2025, supported by a well-balanced global footprint. A significant portion of its revenue comes from environmentally responsible, water-based solutions, reinforcing its strong ESG credentials.
The acquisition represents a strong strategic fit for Henkel’s Adhesive Technologies business unit. Stahl’s complementary product portfolio serves many customer segments already addressed by Henkel, while also enabling expansion into attractive adjacent specialty coatings markets. The deal further strengthens Henkel’s innovation capabilities through Stahl’s advanced R&D expertise and specialized technologies.
Henkel CEO Carsten Knobel highlighted that the transaction aligns with the company’s agenda for purposeful growth, accelerating expansion across core and new end markets. Together with Henkel’s planned acquisition of ATP Adhesive Systems, the two transactions are expected to add nearly €1 billion in combined sales and significantly enhance the long-term growth potential of the Adhesive Technologies division.
From Stahl’s perspective, the move marks a new chapter following two decades of transformation under Wendel’s ownership into a focused, pure-play specialty coatings company with a resilient global presence. Backed by Henkel’s scale and innovation strength, Stahl is well positioned to deepen customer relationships, broaden its technology offering, and reinforce its leadership in coatings for flexible materials.
During the transition period, Stahl will continue to operate with its existing organization, ensuring continuity for employees, customers, and partners. Completion of the transaction remains subject to customary closing conditions, including regulatory approvals and consultation processes.
