Henkel agrees to acquire specialty coatings company Stahl

• Innovative player in high-performance specialty coatings for flexible materials active across automotive, fashion & lifestyle and packaging markets
• Highly complementary product portfolio serving various customer segments, many of which are already served by Adhesive Technologies
• Strong strategic fit building on valuable R&D capabilities and a know-how-based business model with a high degree of customization

Henkel has agreed to acquire the Dutch-based Stahl Group ‏(“Stahl”) for a purchase price of 2.1 billion euros, which is majority-owned by the French Private Equity firm Wendel SE. Stahl is a global player in high-performance specialty coatings for flexible materials, serving leading brands across automotive, fashion & lifestyle and packaging markets around the world.

The portfolio comprises leather finishing coatings, performance coatings as well as high-performance paper packaging & graphics coatings. The company employs around 1,700 employees and generated adjusted sales of approximately 725 million euros in fiscal year 2025 with a balanced regional footprint.

“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, driving further growth in our Adhesive Technologies business unit. Together with the recently announced intention to acquire ATP Adhesive Systems, we have agreed to two significant M&A projects, adding up close to one billion euros of sales and substantially advancing the growth potential for our world-class Adhesive Technologies business,” said Henkel CEO Carsten Knobel.

“Stahl operates an asset-light, know-how-based and service-driven business model with a high degree of customization, making it a great strategic fit for our business. 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 majority of the revenues generated through environmentally responsible water-based solutions, Stahl will underpin our sustainability commitments,” said Mark Dorn, Executive Vice President and responsible for Henkel’s Adhesive Technologies business unit.

The transaction is still subject to certain conditions, including mandatory consultation processes, regulatory approvals and other customary closing conditions.

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.