Henkel Acquires Stahl Group for €2.1 Billion

Henkel AG has confirmed its decision to acquire the Dutch-based Stahl Group for a purchase price of €2.1 billion. This strategic move is designed to enhance Henkel’s Adhesive Technologies business unit, aligning with the company’s agenda for purposeful growth.

Stahl is recognized globally for its high-performance specialty coatings tailored for flexible materials, serving key sectors such as automotive, fashion and lifestyle, and packaging. The company boasts a diverse portfolio that includes leather finishing coatings and performance coatings, as well as high-performance paper packaging and graphics coatings. With approximately 1,700 employees, Stahl generated adjusted sales of around €725 million in fiscal year 2025.

Henkel CEO Carsten Knobel stated, “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.” He emphasized that this acquisition, alongside the recently announced intention to acquire ATP Adhesive Systems, represents significant M&A projects that collectively add nearly €1 billion in sales potential.

Mark Dorn, Executive Vice President responsible for Henkel’s Adhesive Technologies unit, highlighted Stahl’s asset-light, know-how-based business model, which emphasizes customization. He noted, “The company offers a complementary portfolio serving various customer segments, many of which are already served by Adhesive Technologies.” Dorn also pointed out that the majority of Stahl’s revenues come from environmentally responsible water-based solutions, reinforcing Henkel’s sustainability commitments.

The acquisition is expected to create synergies in revenue through cross-selling opportunities and expansion into new markets. Additionally, it will streamline supply chain operations and leverage Henkel’s distribution network to reduce logistics costs. The integration of R&D capabilities is anticipated to foster innovation and enhance customer service.

As Henkel moves forward with this acquisition, it will need to navigate potential regulatory hurdles and ensure a smooth integration process. The deal is expected to significantly increase Henkel’s market share in the specialty coatings segment, particularly in Europe, North America, and Asia.

In conclusion, this acquisition not only positions Henkel for growth in the specialty coatings market but also aligns with its commitment to sustainability and innovation.