Henkel has agreed to acquire Stahl Group, a Dutch-based specialty coatings company, for a purchase price of €2.1 billion. Stahl is majority-owned by French private equity firm Wendel SE. The transaction is intended to expand Henkel Adhesive Technologies further into specialty coatings, an adjacent category that Henkel says is highly complementary to its existing customer base and end markets.
Stahl is positioned as a global provider of high-performance specialty coatings for flexible materials, serving brands across automotive, fashion and lifestyle, and packaging markets. Its portfolio includes leather finishing coatings, performance coatings, and paper packaging and graphics coatings. Henkel said Stahl employs around 1,700 people and generated adjusted sales of approximately €725 million in fiscal year 2025, with what it described as a balanced regional footprint.
Henkel framed the deal as part of its strategic agenda for “purposeful growth” within Adhesive Technologies, pointing to product adjacency and the opportunity to broaden its offerings in both core and new end markets. The company also highlighted Stahl’s R&D capabilities and its asset-light, service-driven model with a high degree of customization, alongside a revenue mix that Henkel said is largely derived from environmentally responsible water-based solutions.
The acquisition remains subject to certain conditions, including mandatory consultation processes, regulatory approvals, and other customary closing conditions.
KEY QUOTES:
“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.”
Carsten Knobel, CEO, Henkel
“Stahl operates an asset-light, know-how-based and service-driven business model with a high degree of customization, making it a great strategic fit for our business. The company offers a complementary portfolio serving various customer segments, many of which are already served by Adhesive Technologies. Furthermore, it provides valuable complementary technology and R&D capabilities that will enable us to bring more innovation to our customers. With majority of the revenues generated through environmentally responsible water-based solutions, Stahl will underpin our sustainability commitments.”
Mark Dorn, Executive Vice President, Henkel Adhesive Technologies
