Henkel Acquires Stahl for €2.1 Billion to Strengthen Specialty Coatings and Sustainability Portfolio

Henkel has acquired Dutch specialty coatings company Stahl Group for €2.1 billion (US$2.5 billion) from French investment firm Wendel SE, reinforcing its Adhesive Technologies business unit and expanding its presence in high-performance specialty coatings. The acquisition strengthens Henkel’s portfolio in flexible packaging, paper, leather, and graphics applications, while enhancing its focus on sustainability and innovation.

Stahl, which employs around 1,700 people, reported adjusted sales of approximately €725 million in fiscal year 2025 and operates with a balanced global footprint. Its portfolio includes leather finishing, performance coatings, and advanced packaging and graphics solutions, with a strong emphasis on environmentally responsible water-based technologies. Henkel stated that the deal aligns with its strategy to pursue value-adding mergers and acquisitions and to enter attractive adjacent markets.

CEO Carsten Knobel highlighted that the acquisition supports Henkel’s “purposeful growth” agenda and complements the planned purchase of ATP Adhesive Systems, together contributing nearly €1 billion in additional sales.

Mark Dorn, Executive Vice President of Adhesive Technologies, described Stahl’s asset-light, knowledge-driven and highly customised business model as a strong strategic fit, offering valuable technological and R&D capabilities.

Henkel also noted that the acquisition would support selective backward integration into polymers and additives, enhancing product customisation and accelerating innovation cycles. While the transaction remains subject to regulatory and consultation processes, Henkel expects the deal to strengthen its competitive position, advance sustainability commitments, and support long-term growth across multiple end-markets, building on recent initiatives in sustainable packaging and product reformulation.

Source: Midland