Henkel will acquire specialty coatings leader Stahl for €2.1 billion, strengthening its Adhesive Technologies unit, expanding innovation, sustainability, and growth across global markets.
Henkel has entered into a definitive agreement to acquire the Stahl Group, a Netherlands-based specialty coatings company, for a purchase consideration of approximately €2.1 billion. Stahl is currently majority-owned by Wendel SE, a French private equity firm. This acquisition represents a significant strategic step for Henkel as it deepens its presence in high-performance specialty coatings and reinforces its long-term growth ambitions within the Adhesive Technologies business unit.
Stahl is widely recognized as a global leader in advanced, high-performance coatings designed for flexible materials. Its solutions serve a broad range of industries, including automotive, fashion and lifestyle, footwear, luxury goods, and packaging. The company works closely with many leading global brands, offering customized and application-specific coatings that enhance product performance, aesthetics, durability, and sustainability.
The company’s portfolio spans several high-value segments. These include leather finishing coatings used extensively in automotive interiors, footwear, and premium consumer goods; performance coatings engineered for flexible substrates; and high-performance coatings for paper packaging and graphic applications. Stahl’s offerings are known for their technical sophistication and strong alignment with evolving customer requirements, particularly in sustainability-driven markets.
Stahl operates with an asset-light, knowledge-intensive, and service-oriented business model. This approach allows the company to remain highly flexible and responsive to customer needs while focusing strongly on formulation expertise, innovation, and application support. With a workforce of approximately 1,700 employees worldwide, Stahl reported adjusted sales of around €725 million in fiscal year 2025. Its revenues are well balanced across regions, reflecting a diversified and resilient global footprint.
Henkel’s leadership emphasized that the acquisition aligns closely with its strategic agenda for purposeful growth. Carsten Knobel, Chief Executive Officer of Henkel, stated that the addition of Stahl will significantly strengthen the Adhesive Technologies business unit by expanding Henkel’s reach into the adjacent and attractive specialty coatings segment. The deal is expected to broaden Henkel’s product offerings across both existing and new end markets, thereby creating additional growth opportunities. Knobel also highlighted that, together with the recently announced intention to acquire ATP Adhesive Systems, Henkel has committed to two major M&A initiatives that together represent nearly €1 billion in additional sales, substantially enhancing the long-term growth potential of the Adhesive Technologies division.
Mark Dorn, Executive Vice President responsible for Henkel’s Adhesive Technologies business, underscored the strategic fit between the two companies. He noted that Stahl’s highly customized, know-how-driven business model complements Henkel’s existing strengths and customer base. Many of Stahl’s customer segments overlap with those already served by Henkel, creating opportunities for cross-selling and deeper customer partnerships. In addition, Stahl brings valuable complementary technologies and R&D capabilities that are expected to accelerate innovation and deliver enhanced value to customers.
Sustainability is another key driver behind the transaction. A significant portion of Stahl’s revenues is generated from environmentally responsible, water-based coating solutions, reinforcing Henkel’s sustainability commitments and supporting its ambition to offer more sustainable solutions across its portfolio.
The transaction remains subject to customary closing conditions, including regulatory approvals, mandatory consultation processes, and other standard requirements. Upon completion, the acquisition is expected to further position Henkel as a global leader in adhesives and specialty coatings.
