Henkel agreed on 4 February 2026 to acquire Stahl, a Netherlands-based maker of high-performance coatings for flexible materials, for €2.1bn.
Why Henkel AG & Co. KGaA is buying Stahl Group
Henkel said Stahl adds specialty coatings, an adjacent category, to its Adhesive Technologies unit, with products serving many customer segments the unit already supplies in automotive, fashion and packaging. Most of Stahl's revenue comes from water-based products. Together with the planned purchase of ATP Adhesive Systems, the deals add close to €1bn of sales.
Deal terms and financing
Wendel, which has controlled Stahl since 2006, sold its 68.5% stake, while BASF and Clariant sold 16.1% and 14.6% respectively. Wendel put its net proceeds at about €1.2bn after debt and costs, 6.6 times its total investment.
Regulatory approvals and timing
The deal required consultation processes and regulatory approvals. Henkel completed the acquisition effective 1 October 2026 after receiving clearances, according to Packaging Gateway.
Market context
Stahl employs about 1,700 people and supplies leather finishing, performance coatings and paper packaging and graphics coatings. The purchase was one of three Adhesive Technologies deals Henkel closed in 2026.
