Henkel acquires Stahl for €2.1B to expand specialty coatings portfolio

Henkel has purchased the Dutch Stahl Group for €2.1 billion (US$2.5 billion) from the majority owner, Wendel SE, a French investment firm. Through the acquisition, Henkel gains access to Stahl’s high-performance specialty coatings for flexible materials used in packaging. 

Stahl’s portfolio includes leather finishing coatings, performance coatings, as well as high-performance paper packaging and graphics coatings. 

Stahl employs approximately 1,700 people. In the fiscal year 2025, it generated adjusted sales of approximately €725 million (US$856.9), “with a balanced regional footprint,” according to Henkel.

“It is an integral element of our strategy to expand our portfolio through compelling, value-adding M&A transactions. The acquisition of Stahl enables us to expand our portfolio into the attractive adjacent category of specialty coatings,” a Henkel spokesperson tells Packaging Insights.

“Stahl is a global leader in high-performance specialty coatings for flexible substrates serving world-famous brands across automotive, fashion, and lifestyle markets. The company offers a complementary portfolio serving different customer segments with a significant overlap in the end customer base.”

Expanded Adhesive Technologies unit

Carsten Knobel, CEO at Henkel, says that with the acquisition of Stahl, the company will further strengthen its Adhesive Technologies business unit in line with its “purposeful growth” strategic agenda.

“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,” adds Knobel.

“Together with the recently announced intention to acquire ATP Adhesive Systems, we have agreed to two significant M&A projects, adding up close to €1 billion (US$1.2 billion) of sales and substantially advancing the growth potential for our Adhesive Technologies business.”

Meanwhile, Mark Dorn, the executive vice president for Henkel’s Adhesive Technologies business unit, argues that Stahl operates an “asset-light, know-how-based, and service-driven” business model with a high degree of customization. He adds that this makes it a suitable strategic fit for Henkel.

“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 the majority of the revenues generated through environmentally responsible water-based solutions, Stahl will underpin our sustainability commitments,” adds Dorn.

Supporting customization

The Henkel spokesperson adds that the acquisition facilitates the company’s “selective backward integration into polymers and additives supporting further customization.” 

“Furthermore, Stahl offers valuable complementary R&D capabilities which in the long-term will help to maximize knowledge transfer and increase R&D cycle speed with tangible revenue potential.”

“The transaction is still subject to certain conditions, including mandatory consultation processes, regulatory approvals, and other customary closing conditions. We cannot give any details on specific markets, products, or R&D potentials at this point.”

Recently, Henkel partnered with ExxonMobil to create a monomaterial PE pouch, relaunched the packaging of its Pritt stick, and updated Fa with new packaging and formulas.