Henkel plans to acquire the Dutch Stahl Group. The speciality coating company produces high-performance coatings for paper packaging and graphic applications, among others.
Henkel has reached an agreement to acquire the Dutch Stahl Group, which is majority owned by the French private equity company Wendel SE, for a purchase price of 2.1 billion euros. Stahl is a global provider of high-performance speciality coatings for flexible materials and supplies leading companies worldwide in the automotive, fashion & lifestyle and packaging sectors.
The portfolio includes leather finish coatings, performance coatings and high-performance coatings for paper packaging and graphic applications. Stahl employs around 1,700 people and generated adjusted sales of around 725 million euros in the 2025 financial year, with a balanced regional distribution.
„With the acquisition of Stahl, we will further strengthen our Adhesive Technologies business unit in line with our strategic agenda for holistic growth. It will enable us to expand our business into the attractive adjacent category of speciality coatings with product offerings in our core and new end markets. This will further drive the growth of Adhesive Technologies,“ said Carsten Knobel, CEO of Henkel. „Together with the recently announced intention to acquire ATP Adhesive Systems, we have agreed on two significant M&A projects that will add nearly one billion in additional sales and significantly drive the growth potential for our world-leading Adhesive Technologies business.“
„Stahl operates a low-capital, knowledge-based and service-oriented business model with a high degree of customisation and offers a complementary portfolio serving different customer segments, many of which are already served by Adhesive Technologies. In addition, Stahl has valuable complementary technology and R&D competences that enable us to offer even more innovation to our customers. As the majority of sales are generated by environmentally friendly, water-based solutions, Stahl will further underpin our sustainability ambitions.“
Mark Dorn, member of the Henkel Management Board responsible for the Adhesive Technologies business sector
The transaction remains subject to certain conditions, including mandatory consultation processes, regulatory approvals and other customary closing conditions.
Source: Handle
