Henkel Agrees to Acquire Stahl for Specialty Coatings Expansion

Henkel has reached an agreement to acquire Stahl Group, a Dutch company specializing in high-performance coatings for flexible materials, for 2.1 billion euros. Stahl serves markets including automotive, fashion, lifestyle, and packaging with products like leather finishing coatings, performance coatings, and paper packaging coatings. The firm employs about 1,700 people and reported adjusted sales of roughly 725 million euros in fiscal 2025, with a global presence.

The deal awaits works council consultations, regulatory approvals, and standard closing conditions. Majority owner Wendel SE will receive around 1.2 billion euros, with minority shareholders BASF and Clariant also selling their stakes.

Henkel CEO Carsten Knobel stated that the acquisition, alongside the planned ATP Adhesive Systems deal, will add nearly one billion euros in sales and boost growth in the Adhesive Technologies division. "It enables expansion into specialty coatings across core and new markets," he said.

Mark Dorn, Henkel's Executive Vice President for Adhesive Technologies, highlighted Stahl's asset-light model, customization focus, and water-based solutions that align with sustainability goals. Stahl's complementary technologies and R&D will drive innovation for shared customers.​