Henkel in Talks to Acquire Stahl Holdings from Wendel in Specialty Chemicals Push
January 19, 2026 · by Fintool Agent
Henkel AG confirmed Sunday evening that it is in active discussions to acquire Stahl Holdings B.V. from majority owner Wendel SE, in a deal that would significantly bolster the German consumer goods giant's specialty chemicals capabilities.
The potential transaction, disclosed in an ad-hoc statement after European market hours, would bring the global leader in specialty coatings for flexible materials under Henkel's roof. Stahl generated approximately €824 million in revenue with EBITDA margins exceeding 20%, serving customers across automotive, luxury goods, footwear, and packaging industries.
"Whether an agreement can be reached with Wendel and whether the acquisition will take place remains uncertain," Henkel stated in its disclosure. The company noted that any transaction would require approval from its governing bodies and relevant antitrust authorities.
Why Stahl Matters
Stahl Holdings, headquartered in Waalwijk, Netherlands, has positioned itself as the world's undisputed leader in specialty coatings for flexible substrates. The company operates across three core pillars:
| Business Line | Description | Key End Markets |
|---|---|---|
| Leather Finishing | Finishing and treatment solutions | Automotive interiors, luxury goods, footwear |
| Performance Coatings | Coatings for textiles and flexible materials | Apparel, home furnishings, industrial |
| Packaging Coatings | High-performance packaging and labeling | Food, pharmaceutical, consumer goods |
The company employs over 1,000 people across 70+ countries and operates 51 application laboratories globally. Stahl has aggressively pursued sustainability initiatives, with 97.7% of its production ISO 14001-certified and Science Based Targets initiative (SBTi)-aligned emission reduction targets.
In April 2023, Stahl completed the acquisition of ICP Industrial Solutions Group (ISG), a U.S.-based specialty packaging coatings business with approximately $140 million in revenue, pushing Stahl's consolidated sales beyond the €1 billion mark. More recently, the company carved out its wet-end leather chemicals business to focus purely on specialty coatings.
Ask Fintool AI AgentThe Strategic Rationale
For Henkel, Stahl represents a natural extension of its Adhesive Technologies division, the company's largest and most profitable segment. Henkel's adhesives business serves many of the same end markets as Stahl—automotive, consumer goods, packaging, and industrial—creating obvious cross-selling opportunities and customer overlap.
The deal would also deepen Henkel's exposure to high-margin specialty chemicals at a time when the broader consumer goods industry faces persistent margin pressure. Stahl's 20%+ EBITDA margins compare favorably to Henkel's consolidated profitability.
Wendel's Exit Path
For Wendel SE, the Paris-listed investment firm with a 321-year history, the potential sale represents an opportunity to monetize one of its key portfolio holdings. Wendel holds a 68.1% majority stake in Stahl, which the firm has actively managed and grown through bolt-on acquisitions.
Wendel has been reshaping its portfolio in recent years, shifting toward a dual-track model combining principal investments with third-party asset management. The firm recently completed its acquisition of U.S. private debt manager Monroe Capital for $1.13 billion and reduced its stake in testing giant Bureau Veritas through a €748 million forward sale.
With approximately €5.3 billion in principal investments as of September 2025, a Stahl exit would represent a significant liquidity event. Based on Stahl's financial profile and comparable specialty chemicals transactions, the deal could value the business in the €2-4 billion range—though no terms have been disclosed.
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Several key hurdles remain before any deal can close:
Board Approval: Henkel's supervisory board and management board would need to approve the transaction. Given the potential size of the deal relative to Henkel's €25+ billion market capitalization, shareholder reaction will be closely monitored.
Antitrust Review: Both companies operate globally, with significant presence in Europe and the U.S. Competition authorities in multiple jurisdictions would likely scrutinize customer and product overlap in specialty coatings and adhesives.
Deal Terms: Neither party has disclosed financial terms. The negotiation over price, structure, and any management rollover will determine whether talks advance.
Timing: German corporate transactions typically require thorough due diligence. Even with engaged negotiations, a definitive agreement could take months to finalize.
The Bigger Picture
The potential deal arrives as the specialty chemicals sector experiences renewed M&A activity. Private equity sponsors sitting on record dry powder have been sellers, while strategic acquirers seek growth through bolt-on acquisitions in high-margin niches.
For Henkel, success in acquiring Stahl would mark a significant step in its "purposeful growth" strategy, adding capabilities in sustainable coatings at a time when automotive, fashion, and packaging customers increasingly demand environmentally friendly solutions.
European markets will react when trading resumes Monday, with Henkel shares (HEN3 on Xetra) and Wendel (MF on Euronext Paris) likely in focus.
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