Wendel

Henkel completes EUR 2.1bn acquisition of coatings supplier Stahl

Henkel has closed its acquisition of Netherlands-based Stahl, a specialty coatings maker serving mobility, fashion, luxury and packaging markets, for EUR 2.1bn (USD 2.4bn) from Wendel, BASF and Clariant. The deal, agreed in February 2026, closed on 1 October 2026 after regulatory approvals and adds Stahl's leather finishing, performance and packaging coatings to Henkel's Adhesive Technologies unit.

Why this mattersA major specialty-coatings supplier to flexible packaging converters now sits inside a larger adhesives group, consolidating a key input for the supply chain.

• Deal value EUR 2.1bn (USD 2.4bn), agreed February 2026 and closed 1 October 2026
• Seller consortium comprised Wendel, BASF and Clariant
• Stahl employs around 1,800 staff and generated adjusted sales of EUR 725m in fiscal 2025
• Stahl's portfolio includes leather finishing, performance coatings and packaging coatings
• Henkel says three Adhesive Technologies deals this year (Stahl, ATP Adhesive Systems, Wetherby Laroc) add about EUR 1bn combined sales
• Stahl becomes part of Henkel's Adhesive Technologies business unit

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