German industrial group Henkel has concluded the purchase of Dutch coatings manufacturer Stahl Group.
The integration took effect on 1 October 2026, following the receipt of regulatory clearances and the satisfaction of all closing terms.
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Agreed in February, the transaction values Stahl at €2.1bn ($2.48bn).
Under the terms of the agreement, Henkel obtained the majority interest from French private equity firm Wendel.
Henkel CEO Carsten Knobel said: “By entering into the highly attractive adjacent category of specialty coatings, we are unlocking new growth opportunities and broadening our technology portfolio with product offerings in core as well as in new end markets.
“Together with ATP Adhesive Systems and Wetherby Laroc, we have successfully closed three transactions in our Adhesive Technologies business unit this year – adding around one billion euros in combined sales and laying the foundation to further drive profitable growth.”
Stahl manufactures leather finishing solutions as well as coatings for packaging and performance materials.
It supplies customers across packaging, mobility, luxury, and fashion sectors.
The enterprise maintains an international workforce of roughly 1,800 and recorded €725m in adjusted revenue for the 2025 financial year.
Henkel’s Adhesive Technologies business unit executive vice president Mark Dorn said: “Stahl’s asset-light, know-how-based and service-driven business model, combined with its strong customisation capabilities and sustainability focus, makes it a highly attractive strategic fit for our business.
“By combining Stahl’s leading specialty coatings capabilities with Henkel’s global adhesives expertise, we are creating a more comprehensive solutions platform that will help customers innovate faster and advance their sustainability ambitions.”
