Henkel to Acquire Coatings Company Stahl for €2.1 Billion

Henkel has agreed with French private equity firm Wendel, BASF, and Clariant to acquire Dutch company Stahl for EUR 2.1 billion. While Wendel is the majority owner of the coatings specialist with a 68.5% stake, BASF and Clariant each hold approximately half of the minority stake. The two chemical companies are accelerating their strategic portfolio streamlining with the exit.

Stahl is a global player in high-performance specialty coatings for flexible materials, serving leading brands across automotive, fashion & lifestyle, and packaging markets around the world. The portfolio comprises leather finishing coatings, performance coatings and high-performance paper packaging & graphics coatings. The company is headquartered in Waalwijk, employs around 1,700 employees globally, and generated adjusted sales of approximately €725 million in fiscal year 2025 with a balanced regional footprint.

Carsten Knobel, Henkel CEO, commented, “With the acquisition of Stahl, we will further strengthen our Adhesive Technologies business unit in line with our strategic agenda for purposeful growth. It will enable us to expand into the attractive adjacent category of specialty coatings with product offerings in core as well as in new end-markets, driving further growth in our Adhesive Technologies business unit. Together with the recently announced intention to acquire ATP Adhesive Systems, we have agreed to two significant M&A projects, adding up close to €1 billion of sales and substantially advancing the growth potential for our world-class Adhesive Technologies business.”

Mark Dorn, Executive Vice President and responsible for Henkel’s Adhesive Technologies business unit, added, “Stahl operates an asset-light, know-how-based and service-driven business model with a high degree of customization, making it a great strategic fit for our business. The company offers a complementary portfolio serving various customer segments, many of which are already served by Adhesive Technologies. Furthermore, it provides valuable complementary technology and R&D capabilities that will enable us to bring more innovation to our customers. With majority of the revenues generated through environmentally responsible water-based solutions, Stahl will underpin our sustainability commitments.”

The transaction is still subject to certain conditions, including mandatory consultation processes, regulatory approvals, and other customary closing conditions.