Henkel completes US$2.48B acquisition of Stahl Group

GERMANY – Henkel has completed the purchase of Dutch coatings manufacturer Stahl Group, valuing the business at €2.1 billion (US$2.48 billion) and adding packaging coatings to its specialty portfolio.

The integration took effect on 1 October 2026, following receipt of regulatory clearances and satisfaction of all closing terms. 

Agreed in February, the transaction saw Henkel obtain the majority interest from French private equity firm Wendel. 

Stahl manufactures leather finishing solutions as well as coatings for packaging and performance materials, supplying customers across packaging, mobility, luxury and fashion sectors.

Acquisition Adds Packaging Coatings to Adhesive Unit

The enterprise maintains an international workforce of roughly 1,800 and recorded €725 million (US$850.9 million) in adjusted revenue for the 2025 financial year. 

For packaging converters, the acquisition brings Stahl’s coating technologies into Henkel’s Adhesive Technologies business unit, potentially creating a broader platform for barrier, finishing and performance coatings used across flexible and rigid packaging formats.

Three Transactions Closed in Adhesive Unit This Year

Carsten Knobel, chief executive of Henkel, said that by entering the highly attractive adjacent category of specialty coatings, the company was unlocking new growth opportunities and broadening its technology portfolio with product offerings in core and new end markets. 

He added that together with ATP Adhesive Systems and Wetherby Laroc, Henkel had successfully closed three transactions in its Adhesive Technologies business unit this year, adding around €1 billion (US$1.17 billion) in combined sales and laying the foundation to drive profitable growth.

Leadership Cites Customisation and Sustainability Focus

Mark Dorn, executive vice president of Henkel’s Adhesive Technologies business unit, said Stahl’s asset-light, know-how-based and service-driven business model, combined with strong customisation capabilities and a sustainability focus, made it a highly attractive strategic fit. 

He noted that combining Stahl’s specialty coatings capabilities with Henkel’s global adhesives expertise would create a more comprehensive solutions platform helping customers innovate faster and advance sustainability ambitions. 

The transaction extends consolidation across the coatings and adhesives sector, where suppliers increasingly seek combined capabilities spanning adhesion, barrier protection and surface finishing to serve packaging, automotive and consumer goods customers from a single technology base.

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