Henkel has agreed to acquire the Netherlands based Stahl Group for €2.1 billion euros.

Stahl is majority owned by French private equity firm Wendel SE. The deal brings a strong coatings portfolio into Henkel’s Adhesive Technologies business.

Stahl’s products include leather finishing, coatings, performance coatings and high performance paper packaging and graphics coatings.

The company employs around 1,700 people and reported adjusted sales of about €725 million in FY 2025, with business spread evenly across regions.

Henkel says the acquisition supports its strategy to expand into specialty coatings while strengthening its core adhesive business. The company also recently announced plans to acquire ATP Adhesive Systems which together add close to one billion euros in sales potential.

“This acquisition strengthens our Adhesive Technologies business and opens doors to attractive adjacent markets while driving long term growth.”

– Carsten Knobel, CEO Henkel

Henkel highlighted Stahl’s asset light and know how driven business model with high customization. A large share of Stahl’s revenue comes from water based solutions which supports Henkel’s sustainability goals.

The transaction is subject to regulatory approvals, consultation processes and standard closing conditions.