Henkel, a global leader in adhesives, sealants, and functional coatings, has entered into an agreement to acquire Stahl, the Dutch major in high-performance speciality coatings for flexible materials, for an enterprise value of €2.1 billion. The strategic acquisition was announced on 4 February 2025.
The transaction involves purchasing all shares from the current owners, including the majority shareholder Wendel (68.5%), as well as BASF (16.1%) and Clariant (14.6%). The deal also marks the handover of Stahl after 20 years of majority ownership by Wendel.
“With this transaction, we will further strengthen our Henkel Adhesive Technologies business unit. It enables us to expand into the highly attractive adjacent category of speciality coatings, offering products for both core and new end markets, and driving additional growth in our industrial business,” says Henkel CEO Carsten Knobel.
Strategic Vision Built on Shared Values, Innovation, and ESG Leadership
Henkel and Stahl share a strong alignment in their strategic vision, including customer intimacy, a deeply rooted innovation mindset, and commitment to ESG leadership. Both organisations are headquartered in Europe and offer complementary speciality solutions to shared end markets, laying the foundation for commercial synergies.
Henkel’s robust innovation capabilities will further accelerate Stahl’s growth as the leader in speciality coatings in the niche of flexible materials. By combining forces, Stahl expects to further enhance its customer intimacy, expand its technology portfolio, and reinforce its position as a trusted partner to its global customer base.
Stahl CEO Maarten Heijbroek says, “We are deeply grateful to Wendel for the long-term partnership and support that has shaped Stahl over the past two decades. Under Wendel’s ownership, Stahl has undergone a significant transformation into a focused, pure‑play speciality coatings company with a strong global footprint, strengthened technologies, and a resilient market position. This transformation means we are now well‑positioned for further growth.
“As we move into our next chapter under the Henkel umbrella, we believe this acquisition will further strengthen our leadership position in speciality coatings for flexible materials. Henkel’s strong innovation capabilities will further enhance value for our customers, and our shared values make this a natural and exciting next step for Stahl.”
Seamless Transition Ahead
For employees, customers, and partners, it remains business as usual during the transition period. Stahl will continue to operate with its existing organisation and maintain its commercial and operational commitments.
Growth Agenda
For Henkel, the acquisition underscores its clear ambition to continue executing its purposeful growth agenda with compelling, value-adding M&A transactions.
The transaction is still subject to customary closing conditions and regulatory approvals.
