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Germany’s Henkel has agreed to acquire specialty coatings manufacturer Stahl in a transaction valued at roughly $2.5 billion, marking a significant move to strengthen its industrial portfolio.

The deal, announced Wednesday, will see Henkel purchase Stahl from its majority owner, French investment firm Wendel, along with multiple minority shareholders. The transaction remains subject to customary closing conditions, including regulatory merger clearance.

Deal Structure and Financial Terms

In a separate statement, Wendel confirmed the sale values Stahl at an enterprise value of €2.1 billion — approximately $2.5 billion.

The French firm said the transaction is expected to generate about €1.2 billion in net proceeds after accounting for debt and transaction-related costs.

Wendel will divest its 68.5% stake in Stahl to Henkel. Minority shareholders, including chemical giants BASF and Clariant, will also sell their holdings as part of the agreement, effectively transferring full ownership to Henkel upon completion.

A Global Leader in Specialty Coatings

Stahl is widely recognized as a global leader in specialty coatings for flexible materials, serving industries tied to premium consumer goods. The company has capitalized on expanding demand across Asia and has built a product portfolio anchored in water-based technologies — a segment increasingly favored for sustainability and performance.

Earlier this year, Stahl completed a multiyear strategic shift, transforming itself into a focused, pure-play specialty coatings company. As part of that overhaul, it divested its wet-end leather chemicals business, now operating independently as Muno. Wendel retains majority ownership of Muno.

Two Decades of Transformation

Wendel Group CEO Laurent Mignon said the firm worked closely with Stahl’s leadership for more than 20 years to reshape the company into what he described as the “undisputed global leader” in its sector.

Stahl CEO Maarten Heijbroek echoed that sentiment, noting that under Wendel’s stewardship, the company executed a “significant transformation” that sharpened its focus and strengthened its global footprint. He added that Stahl is now positioned for further expansion.

Regulatory Review Ahead

The acquisition remains contingent on standard closing conditions, including regulatory approvals. Counsel information was not immediately available.

If completed, the Henkel to acquire Stahl deal would consolidate a key player in specialty coatings under one of Germany’s industrial heavyweights, potentially reshaping competitive dynamics in global coatings markets.