Henkel Moves to Strengthen Adhesive Technologies With €2.1 Billion Acquisition of Specialty Coatings Leader Stahl Group

(IN BRIEF) Henkel has agreed to acquire the Dutch-based specialty coatings company Stahl Group for 2.1 billion euros in a strategic move to expand its Adhesive Technologies business into the adjacent and fast-growing specialty coatings market. Stahl, which serves customers in automotive, fashion and lifestyle, and packaging, employs around 1,700 people and generated approximately 725 million euros in adjusted sales in 2025 through a know-how-based, highly customized business model. Henkel’s CEO Carsten Knobel described the deal as a key step in advancing the company’s purposeful growth strategy, especially alongside the planned acquisition of ATP Adhesive Systems, while Mark Dorn emphasized the strong strategic fit, complementary R&D capabilities, and Stahl’s focus on sustainable water-based solutions. The transaction is still subject to regulatory approvals, consultation processes, and other customary closing conditions.

(PRESS RELEASE) DÜSSELDORF, 4-Feb-2026 — /EuropaWire/ — Henkel Adhesive Technologies is set to significantly broaden its footprint in the coatings sector following a definitive agreement to acquire Stahl Group, a Netherlands-based specialist in high-performance coatings for flexible materials. The planned acquisition, valued at 2.1 billion euros, marks a strategic move to strengthen Henkel’s position in adjacent markets while reinforcing its long-term growth ambitions within its Adhesive Technologies business unit.

Stahl, which is currently majority-owned by French private equity firm Wendel SE, has established itself as a leading global supplier of specialty coatings used across a diverse range of industries, including automotive, fashion and lifestyle, and packaging. The company’s portfolio includes leather finishing coatings, advanced performance coatings, and high-quality paper packaging and graphics coatings, serving well-known brands worldwide.

Stahl is a global player in high-performance specialty coatings for flexible materials, serving leading brands across automotive, fashion & lifestyle and packaging markets

With approximately 1,700 employees, Stahl reported adjusted sales of around 725 million euros in fiscal year 2025, supported by a balanced presence across key regions. The company operates with an asset-light, knowledge-driven business model that emphasizes customization, technical expertise, and close collaboration with customers.

Carsten Knobel, Chief Executive Officer of Henkel, emphasized that the acquisition aligns with the company’s strategic agenda for targeted and sustainable growth. He highlighted that integrating Stahl will allow Henkel to enter the attractive specialty coatings market while complementing its existing product offerings. Knobel also noted that, together with Henkel’s recently announced intention to acquire ATP Adhesive Systems, the two transactions represent nearly one billion euros in additional sales and substantially enhance the growth potential of Henkel’s Adhesive Technologies division.

Mark Dorn, Executive Vice President responsible for Henkel’s Adhesive Technologies business unit, underscored the strong strategic fit between the two companies. He pointed out that Stahl’s expertise in customized, know-how-based solutions aligns well with Henkel’s innovation-driven approach. Dorn also highlighted that a significant portion of Stahl’s revenues comes from environmentally responsible water-based coatings, reinforcing Henkel’s commitment to sustainability and responsible product development.

The transaction remains subject to standard closing conditions, including regulatory approvals, mandatory consultation procedures, and other customary requirements. Henkel and Stahl will proceed with the necessary processes before finalizing the acquisition.

This document contains statements referring to future business development, financial performance and other events or developments of future relevance for Henkel that may constitute forward-looking statements. Statements with respect to the future are characterized by the use of words such as expect, intend, plan, anticipate, believe, estimate, and similar terms. Such statements are based on current estimates and assumptions made by the corporate management of Henkel AG & Co. KGaA. These statements are not to be understood as in any way guaranteeing that those expectations will turn out to be accurate. Future performance and results actually achieved by Henkel AG & Co. KGaA and its affiliated companies depend on a number of risks and uncertainties and may therefore differ materially (both positively and negatively) from the forward-looking statements. Many of these factors are outside Henkel’s control and cannot be accurately estimated in advance, such as the future economic environment and the actions of competitors and others involved in the marketplace. Henkel neither plans nor undertakes to update forward-looking statements.

This document includes supplemental financial indicators that are not clearly defined in the applicable financial reporting framework and that are or may be alternative performance measures. These supplemental financial indicators should not be viewed in isolation or as alternatives to measures of Henkel’s net assets and financial position or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently.

This document has been issued for information purposes only and is not intended to constitute an investment advice or an offer to sell, or a solicitation of an offer to buy, any securities.

Henkel Moves to Strengthen Adhesive Technologies With €2.1 Billion Acquisition of Specialty Coatings Leader Stahl Group

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