Stahl Closes ICP Industrial Solutions Buy

20.03.2023 - Dutch coatings technology specialist Stahl has completed the acquisition of ICP Industrial Solutions Group (ISG). The major producer of high-performance coatings for packaging and labeling applications is a division of Innovative Chemical Products (ICP).

Financial terms of the deal were not disclosed.

Stahl said the acquisition reinforces its position as global leader in the field of specialty coatings for flexible substrates. Adding ISG’s 2022 sales of about $140 million in 2022 will increase Stahl’s annual sales to more than €1 billion, with an EBITDA margin above 20%.

ISG’s high-performance coatings are used primarily in packaging and labeling applications, in particular food and pharmaceuticals. The company transacts nearly 70% of its sales in North America and is also active in Europe with its HiTech Coatings brand.

In addition to enhancing Stahl’s product offering and manufacturing capabilities, the Dutch company said the acquisition stands to strengthen its environmental, social, and governance (ESG) leadership position, while the integration of its water-based and energy-cured coating technologies also will enable the new owner to support customers in their transition to more sustainable packaging.

Calling the purchase an “important milestone for our organization,“ Stahl’s CEO, Maarten Heijbroek, said the two companies’ product focus and technologies are “highly complementary,” and the acquisition will enhance the Dutch player’s growth profile, diversify its target markets, and broaden its technology base.

Author: Dede Williams, Freelance Journalist