Stahl Completes Strategic Carve-Out to Become a Pure-Play Leader in Speciality Coatings

Stahl, the global leader in speciality coatings for flexible materials, has announced the successful completion of the carve-out of its wet-end leather chemicals business, marking a major milestone in its multi-year strategic transformation. Effective from 1 January 2026, the wet-end leather chemicals activities will operate as a fully independent company under the name Muno, with majority ownership by Wendel.

This separation reflects Stahl’s deliberate decision to sharpen its strategic focus and reinforce its position as a pure-play speciality coatings formulator. By divesting its wet-end leather chemicals operations, Stahl is strengthening its commitment to high-value, innovation-driven coating solutions for flexible materials, extending its expertise beyond leather finishing into fast-growing segments such as performance coatings and packaging coatings.

The move enables Stahl to concentrate its resources, capabilities and investments on markets where sustainability, technical performance and customer-centric innovation are key growth drivers.

Commenting on the milestone, Chief Executive Officer Maarten Heijbroek said the creation of two independent companies provides clarity of purpose and allows each business to focus on its core strengths, accelerating innovation and long-term value creation.

As a pure-play speciality coatings company, Stahl enters 2026 with renewed focus, momentum and confidence, better positioned than ever to support customers in fast-moving and dynamic markets. At the same time, Muno begins its own journey as a dedicated wet-end leather chemicals specialist, building on a strong heritage and deep technical expertise. Stahl also expressed its gratitude to colleagues transitioning to Muno for their longstanding contribution and wished them every success in this new chapter, while reaffirming its own commitment to driving progress and leadership in speciality coatings for a wide range of flexible materials.

Source: Stahl