Henkel has agreed to acquire the Dutch-based Stahl Group (“Stahl”), which is majority-owned by the French Private Equity firm Wendel SE, for a purchase price of €2.1 billion.
The portfolio comprises leather finishing coatings, performance coatings, as well as high-performance paper packaging and graphics coatings. The company employs around 1,700 employees and generated adjusted sales of approximately €725 million 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. 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,” said Henkel CEO Carsten Knobel.
The transaction is still subject to certain conditions, including mandatory consultation processes, regulatory approvals and other customary closing conditions.