Henkel has entered into an agreement to acquire Dutch-based Stahl Group for an enterprise value of €2.1 billion. The deal, announced jointly by Stahl and its shareholders—Wendel (68.5%), BASF (16.1%), and Clariant (14.6%)—marks the end of Wendel’s 20-year majority ownership of Stahl.
Stahl is a global supplier of specialty coatings for flexible materials, with a product portfolio that includes leather finishing, performance coatings, and high-performance paper packaging and graphics coatings. In fiscal year 2025, the company reported adjusted sales of approximately €725 million and employs around 1,700 staff worldwide.
Henkel stated the acquisition will enhance its Adhesive Technologies business unit by expanding into the adjacent category of specialty coatings. Stahl’s business is described as asset-light and highly customized, serving customers in the automotive, fashion, lifestyle, and packaging sectors. Henkel emphasized the complementary nature of Stahl’s technologies and customer segments.
Mark Dorn, Executive Vice President for Henkel’s Adhesive Technologies, said the deal will bring added innovation and sustainability credentials to Henkel. “Stahl operates a know-how-based and service-driven model… With the majority of revenues generated through water-based solutions, Stahl will underpin our sustainability commitments.”
Stahl’s CEO Maarten Heijbroek acknowledged Wendel’s role in Stahl’s transformation into a specialized global player. “Under Wendel’s ownership, Stahl has undergone a significant transformation… We are now well‑positioned for further growth,” he said. On the transition, Heijbroek added, “Henkel’s strong innovation capabilities will further enhance value for our customers.”
The transaction is subject to regulatory approvals and other customary closing conditions. During the transition, Stahl will continue to operate with its current organizational structure and maintain its commitments to customers and partners.