Stahl has decided to step away from selling its wet end business to Syntagma Capital and will now complete the carve out on its own. The company says tough market conditions made the earlier deal less attractive which opened the door for both sides to walk away together.

The intention to divest was announced on 18 November 2024, an agreement was made with European investment firm Syntagma Capital to acquire the wet-end division.

Negative current market conditions have impacted the performance of the business and made the sales terms less favourable for Stahl, allowing Stahl not to close the transaction. As such, Stahl and Syntagma Capital have together agreed to exit the agreement.

The wet end unit will now become a fully independent company under a new brand called Muno.

It will be led by CEO Xavier Rafols, who is currently the Group Director Leather Chemicals at Stahl will guide the team of leather experts as they continue supporting customers around the world with fresh solutions.

“At Stahl, we will focus to strengthen our leadership in coatings for flexible materials. We believe in shaping a better world through responsible innovation. The carve out is expected to be completed within the next few months at which point both businesses will operate as two fully independent companies”

Maarten Heijbroek, CEO, Stahl

This move is part of Stahl’s long term plan. The company started back in 1930 as a leather finishing specialist then slowly expanded as the market changed.

In recent years Stahl has shifted its focus to become a pure speciality coatings provider for flexible materials.

By separating the wet end chemicals unit the company wants to double down on coatings that serve fast growing areas like performance materials and packaging.

In short this decision gives Stahl a sharper focus and gives Muno a fresh start as a standalone leather chemicals player. Both sides now move forward with clearer goals.