Stahl has concluded the carve-out of its wet-end leather chemicals division, with the business operating independently as Muno from 1 January 2026.
The newly established company will be majority-owned by Wendel.
This development marks the end of Stahl’s multi-year transformation, with the company stating it will now focus on developing speciality coatings for flexible materials.
The divestiture of its wet-end leather chemicals activities represents a shift towards operating solely as a speciality coatings formulator.
The company aims to broaden its presence in sectors that include performance coatings and packaging coatings, areas it identifies as having significant growth potential.
Stahl CEO Maarten Heijbroek said: “This milestone reflects our commitment to clarity of purpose and long-term value creation. Establishing two independent companies will enable each to focus on its strengths and accelerate innovation in its field. Stahl will continue to drive progress in speciality coatings for a wide range of flexible materials, while Muno embarks on its own path in wet-end leather chemicals.”
“We are entering 2026 with focus, momentum and confidence. As a pure-play speciality coatings company, we are better positioned than ever to drive innovation and help our customers succeed in the fast-moving markets we serve.”
Last month, Stahl completed the integration of Weilburger Graphics’ packaging coatings business in Turkey. This business now operates under the name Stahl Kimya.
Stahl Kimya will offer an expanded range of coating products and will draw on both international technical expertise and local knowledge to service the Turkish market.
