Henkel, a multinational chemical and consumer goods company headquartered in Düsseldorf, Germany, has agreed to acquire coatings company Stahl Group, based the Netherlands, for a purchase price of €2.1 billion, which is majority-owned by the French Private Equity firm Wendel SE. 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 as well as high-performance paper packaging & graphics coatings. The company employs around 1,700 employees and generated adjusted sales of approximately 725 million euros in fiscal year 2025 with a balanced regional footprint.

“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,” says Henkel CEO Carsten Knobel.

Knobel adds, “Together with the recently announced intention to acquire ATP Adhesive Systems, we have agreed to two significant M&A projects, adding up close to one billion euros of sales and substantially advancing the growth potential for our world-class Adhesive Technologies business,”

Mark Dorn, EVP and responsible for Henkel’s Adhesive Technologies business unit, states, “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,” says Dorn.

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