Henkel Completes €2.1 Billion Acquisition of Stahl Specialty Coatings

en.Wedoany.com Reported - On October 1, Henkel completed its acquisition of Dutch specialty coatings company Stahl Group. Following the completion of regulatory approvals and other closing conditions, Stahl was officially integrated into Henkel as of that date. The transaction was first announced in February of this year at a purchase price of €2.1 billion, and upon completion, Stahl's business was incorporated into Henkel's Adhesive Technologies division.

Stahl primarily produces high-performance specialty coatings for flexible materials, including leather finishing materials, functional coatings, and high-performance paper packaging and graphic coatings, serving customers in automotive, fashion and lifestyle, luxury goods, and packaging sectors. The company reported adjusted sales of approximately €725 million for fiscal year 2025 and currently employs approximately 1,800 people worldwide.

The acquisition brings Stahl's specialty coatings product line into Henkel's existing adhesives and functional coatings business. Stahl's technology portfolio is centered on customized formulations, material surface treatment, and functional coatings, with the majority of revenue derived from water-based solutions. Its business model is relatively asset-light, with core activities focused on formulation development, application technology, and customer customization.

The seller in the transaction was Stahl Group S.A., whose controlling shareholder is French investment firm Wendel. Wendel previously disclosed that the transaction values Stahl at an enterprise value of approximately €2.1 billion and that it expects to receive approximately €1.2 billion in net disposal proceeds upon closing; since investing in Stahl in 2006, its cumulative return on investment multiple is approximately 6.6x.

Following Stahl's integration, Henkel Adhesive Technologies' product range will further expand to cover specialty coatings for flexible materials, creating crossovers with its existing automotive, packaging, and industrial customer base. In 2026, Henkel has completed three transactions in this business segment, including ATP Adhesive Systems, Wetherby Laroc, and Stahl, adding a combined sales volume of approximately €1 billion.

Henkel's group sales in 2025 were approximately €20.5 billion. Adhesive Technologies is one of its two core business segments, with existing products covering adhesives, sealants, and functional coatings. Following the closing of the Stahl transaction, its high-performance specialty coatings business has officially entered Henkel's industrial materials product system.