Henkel's acquisition of Dutch specialty coatings company Stahl has entered the regulatory approval phase. On August 28, Henkel submitted its review application to the European Commission. The Commission is expected to decide whether to approve the transaction by September 22. If cleared, Henkel will proceed with the formal integration of Stahl.
The deal was first announced in February. Henkel plans to acquire 100% of Stahl's shares for €2.1 billion. Stahl reported adjusted sales of approximately €725 million in fiscal 2025 and employs around 1,700 people. At the agreed price, the acquisition represents roughly three times Stahl's annual sales.
Stahl produces specialty chemicals for leather, coatings and surface treatment applications. The company holds a strong market position in leather chemicals, water-based coatings and functional surface materials. In the 2026 Global Top 100 Paint and Coatings Companies ranking, Stahl ranked 34th with sales of approximately $577.6 million.
For Henkel, Stahl complements its existing industrial materials business. In recent years, Henkel has consistently increased the share of its adhesive technologies division within the group while reducing reliance on slower-growing consumer brands. CEO Carsten Knobel has stated that Stahl's specialty coatings business is highly complementary to Henkel's adhesives operations, and the acquisition will help expand the company's presence in industrial applications.
Prior to the Stahl announcement, Henkel had already advanced several other acquisitions in industrial materials. In January, Henkel completed the purchase of Swiss water-based specialty tape manufacturer ATP Adhesive Systems, and earlier it had acquired U.S. construction adhesives maker Liquid Nails. Henkel has previously indicated that these two acquisitions are expected to generate nearly €1 billion in additional sales. If the Stahl deal closes, Henkel's product portfolio in industrial adhesives, surface treatment and specialty coatings will be further expanded.
BASF and Clariant Sell Their Stakes
Stahl's current shareholders include French private equity firm Wendel, BASF and Clariant. Wendel holds 68.5%, BASF holds 16.1% and Clariant holds 14.6%. All three have agreed to sell their shares to Henkel.
For BASF and Clariant, selling Stahl aligns with their recent asset portfolio adjustments. BASF has been divesting certain non-core businesses over the past few years, optimizing its asset mix and reducing operating pressure through cost-cutting programs. Clariant has also been restructuring its business, concentrating resources on specialty chemicals areas that better fit its strategic focus.
In fact, Stahl's development has been historically tied to both companies. Stahl expanded in the past by acquiring BASF's leather chemicals business and similar operations from Clariant. As the strategic priorities of both companies have shifted, the importance of retaining their stakes in Stahl has diminished.
Wendel Exits After Nearly Two Decades
Wendel has held Stahl since 2006 and has been the controlling shareholder for a long period. Upon completion of this transaction, Wendel is expected to receive approximately €1.2 billion, representing a return of about 6.6 times its original investment. Over the past few years, Wendel has gradually adjusted Stahl's business structure in preparation for a sale, including divesting certain operations to make the company more focused on its core markets. Wendel has stated that Henkel, as an industrial buyer, can provide a platform for Stahl's further growth.
Regulatory Approval Becomes the Final Hurdle
Henkel opted for a single filing with the European Commission to avoid submitting separate notifications to multiple European countries. Previously, when Henkel acquired Liquid Nails, the U.S. Federal Trade Commission filed a lawsuit over concerns about market power in construction adhesives. For the Stahl transaction, whether EU regulators will focus on Henkel's market concentration in adhesives, coatings and related industrial materials will determine whether the €2.1 billion deal can proceed smoothly.
