Stahl, the global leader in speciality coatings for flexible materials, announces the divestment of its wet-end leather chemicals business to Syntagma Capital.
The proposed sale completes Stahl’s transformation into a pure-play speciality coatings formulator for flexible materials. Following Stahl’s recent acquisitions in packaging coatings in North America and Europe, Stahl is now better positioned to capture future growth in sustainable coating formulations.
The announced divestment of the wet-end leather chemicals business will include 428 employees, the full wet-end portfolio and manufacturing facilities in Italy (headquarter) and India.
Strengthening focus and future growth
Founded in 1930 as the leather finishing company, Stahl has since successfully expanded its portfolio beyond leather, into coatings for a variety of flexible materials. The divestment of its wet-end leather activities allows Stahl to focus on its core know-how in speciality coatings for flexible materials. Leather finishing is Stahl’s proud heritage and remains core to Stahl’s growth strategy. The Stahl Leather Finishing business will be led by Andrea Ceretta, appointed Stahl Group Director Leather Finishing, who has been working in the global leather industry for over 20 years.
Maarten Heijbroek, CEO of Stahl: “In recent years, Stahl has made a deliberate strategic shift towards premium coatings, establishing ourselves as the market leader in coatings for flexible materials. The divestment of our wet-end leather chemicals business completes this transformation. Stahl is now a pure-play coatings formulator, which will allow us to accelerate innovation and sustainability to enhance consumer experiences and to live our purpose: ‘Touching lives, for a better world’.”
“At the same time, we are accelerating investments in growth, with a new manufacturing plant in Singapore, doubling our capacity in China and investments in new Centers of Excellence in Asia, the US and Europe. I’d like to thank all Stahl wet-end employees for their considerable contribution to Stahl over the years and wish them every success under their new ownership”, Heijbroek concludes.
Xavier Rafols, CEO of the new company: “Our newly independent company combines over a century of expertise with the dynamism of a start-up. We’re building our business on the core values of integrity, excellence, agility and courage. Through innovation, sustainability and expertise, we will deliver solutions that help our clients face today’s challenges and tomorrow’s opportunities. In this way, we are not simply a solutions provider but an end-to-end partner nurturing bonds that last. We look forward to continued collaboration with stakeholders across the value chain to drive progress in the leather industry.”
The proposed transaction, which is subject to customary closing conditions, including the information and consultation of works councils and other regulatory approvals, is expected to be completed in the first half of 2025.
www.stahl.com
