Stahl to be acquired by Henkel, combining complementary strengths for further growth

Waalwijk, the Netherlands, 4 February 2026 - Stahl, the world leader in speciality coatings for flexible materials, together with its shareholders Wendel (68.5%), BASF (16.1%) and Clariant (14.6%) today announces that it has entered into an agreement to be acquired by Henkel for an enterprise value of €2.1 billion. The transaction marks the handover of Stahl after 20 years of majority ownership by Wendel.

A strategic fit built on shared values, innovation, and ESG leadership
Henkel and Stahl share a strong alignment in their strategic vision, including customer intimacy, a deeply rooted innovation mindset and commitment to ESG leadership. Both organisations are headquartered in Europe and offer complementary speciality solutions to shared end markets, laying the foundation for commercial synergies.

Henkel's robust innovation capabilities will further accelerate Stahl’s growth as the leader in speciality coatings in the niche of flexible materials. By combining forces, Stahl expects to further enhance its customer intimacy, expand its technology portfolio, and reinforce its position as a trusted partner to its global customer base.

Maarten Heijbroek, CEO of Stahl: “We are deeply grateful to Wendel for the long-term partnership and support that has shaped Stahl over the past two decades. Under Wendel’s ownership, Stahl has undergone a significant transformation into a focused, pure‑play speciality coatings company with a strong global footprint, strengthened technologies, and a resilient market position. This transformation means we are now well‑positioned for further growth.”

“As we move into our next chapter under the Henkel umbrella, we believe this acquisition will further strengthen our leadership position in speciality coatings for flexible materials. Henkel's strong innovation capabilities will further enhance value for our customers, and our shared values make this a natural and exciting next step for Stahl.”

A seamless transition ahead
For employees, customers, and partners, it remains business as usual during the transition period. Stahl will continue to operate with its existing organisation and maintain its commercial and operational commitments.

Completion of this transaction is subject to customary closing conditions and regulatory approvals. Additional details regarding closing will be communicated as the process progresses.