Henkel agrees US$2.5B acquisition of Dutch specialty coatings group Stahl

NETHERLANDS – Henkel has entered into a definitive agreement to acquire Dutch-based specialty coatings manufacturer Stahl Group for a purchase price of €2.1 billion (US$2.48bn).

Stahl is currently majority-owned by French private equity firm Wendel SE. The transaction marks a major expansion of Henkel’s Adhesive Technologies business into adjacent specialty coatings markets.

Stahl is a global supplier of high-performance coatings for flexible materials, serving leading brands across automotive, fashion and lifestyle, and packaging sectors.

Its portfolio includes leather finishing coatings, performance coatings, and high-performance paper packaging and graphics coatings.

The company employs approximately 1,700 people worldwide and reported adjusted sales of around €725 million (US$857.31m) in fiscal year 2025, supported by a well-balanced regional footprint.

Henkel said the acquisition aligns with its strategic agenda for purposeful growth, strengthening its position in attractive, technology-driven segments while broadening its exposure to higher-growth end markets.

The deal follows Henkel’s recently announced intention to acquire ATP Adhesive Systems, together representing close to €1 billion in additional annual sales and reinforcing the expansion of its Adhesive Technologies platform.

“With the acquisition of Stahl, we will further strengthen our Adhesive Technologies business unit in line with our strategic agenda for purposeful growth,” said Henkel CEO Carsten Knobel.

“It will enable us to expand into the attractive adjacent category of specialty coatings, driving further growth in our Adhesive Technologies business.

“Together with the planned acquisition of ATP Adhesive Systems, these transactions substantially advance the growth potential of our world-class Adhesive Technologies business.”

Mark Dorn, Executive Vice President and head of Henkel’s Adhesive Technologies business unit, highlighted Stahl’s operating model and sustainability profile as key strategic advantages.

He noted that Stahl’s asset-light, know-how-driven and service-oriented business model, combined with a high degree of product customization, makes it a strong strategic fit for Henkel.

Many of Stahl’s customer segments overlap with Henkel’s existing adhesives portfolio, creating opportunities for cross-selling and innovation.

Stahl’s technology base and R&D capabilities are also expected to enhance Henkel’s innovation pipeline, particularly in sustainable solutions.

A majority of Stahl’s revenues are generated from environmentally responsible, water-based coatings, supporting Henkel’s sustainability and decarbonization commitments.

The acquisition comes as coatings and specialty materials players increasingly pursue scale and portfolio diversification to meet evolving customer demands, regulatory pressures and sustainability targets across automotive, consumer goods and packaging markets.

The transaction remains subject to customary closing conditions, including mandatory consultation processes and regulatory approvals.

Upon completion, Henkel expects the acquisition to accelerate growth in its Adhesive Technologies business while strengthening its position in specialty coatings with higher value-added applications.

Subscribe to our email newsletters that provide busy executives like you with the latest news insights and trends from Africa and the World. SUBSCRIBE HERE