Stahl has announced its decision to divest its wet-end leather chemicals business to Syntagma Capital, marking a significant milestone in its transformation journey. This move solidifies Stahl’s shift to becoming a dedicated formulator of specialty coatings for flexible materials, a strategy that aligns with its recent expansion into sustainable packaging coatings.
Stahl’s divestment plan includes the transfer of 428 employees, its entire wet-end portfolio, and manufacturing facilities in Italy and India.
This decision reflects Stahl’s focus on specialty coatings for a broader range of flexible materials while retaining its core strength in leather finishing.
Founded in 1930 as a leather finishing company, Stahl has evolved into a global player with expertise beyond leather.
By offloading its wet-end leather operations, the company aims to enhance its innovative capabilities and sustainability efforts in specialty coatings, catering to modern industry demands.
The leather finishing business will continue to hold a pivotal role in Stahl’s strategy.
Andrea Ceretta, an industry veteran with over 20 years of experience, has been appointed as Stahl Group Director Leather Finishing. Ceretta’s leadership is expected to steer the leather finishing segment toward new growth opportunities.
“The divestment of our wet-end leather chemicals business completes our evolution into a pure-play coatings formulator. This will accelerate our ability to innovate and enhance sustainability, aligning with our purpose: ‘Touching lives, for a better world.’”
Maarten Heijbroek, Stahl’s CEO
Heijbroek also highlighted Stahl’s investments in global expansion, including a new manufacturing facility in Singapore, doubling capacity in China, and establishing new Centers of Excellence in Asia, the US, and Europe.
The divested wet-end leather chemicals business will operate as an independent entity under Syntagma Capital, led by CEO Xavier Rafols. The new company combines decades of expertise with a dynamic, start-up-like agility.
“Our mission is to deliver innovative, sustainable solutions that help our clients face today’s challenges and seize tomorrow’s opportunities. We aim to be more than a solutions provider we’re building partnerships that last.”
Xavier Rafols
The company will uphold values of integrity, excellence, agility, and courage, aiming to drive progress across the leather industry while fostering collaborations throughout the value chain.
The divestment process is subject to customary closing conditions, including regulatory approvals and consultations with works councils. The transaction is expected to conclude in the first half of 2025.
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