Editor’s Note: Stahl is a leader in specialty coatings for flexible materials, including coatings for packaging, leather, automotive, footwear and much more. Henkel recently announced that it has entered into an agreement to acquire Stahl for an enterprise value of €2.1 billion, subject to customary closing conditions and regulatory approvals. Stahl CEO Maarten Heijbroek discusses Stahl’s growth over the years, as well as an outlook for its future.

Coatings World: What is the history behind Stahl and its coatings business?

Maarten Heijbroek: Stahl’s story goes back to 1930, when Harry Stahl founded the company in Peabody, Massachusetts. His first big idea was simple but transformative: a leather‑finishing solution that allowed tanneries to outsource a cumbersome in‑house process. It brought consistency, quality, and efficiency to an industry that needed it, and it quickly earned us the trust of major American tanneries.

After the Second World War, we began expanding internationally and built a reputation for high‑performance coatings. In 1990, we moved our headquarters to the Netherlands, marking the start of a broader journey. Over the years we grew from being known mainly for leather to becoming a partner to industries such as automotive, fashion, luxury goods, footwear, packaging, and home furnishings.

Today, our coatings are part of products billions of people touch every day, often without knowing it. That’s the beauty of what we do: we improve how materials feel, perform, and last. And that’s what drives our purpose: touching lives, for a better world.

Coatings World: What are the major coatings markets that Stahl is focusing on?

Maarten Heijbroek: We focus on markets where flexible materials matter in everyday products. To keep things sharp and close to customers, we work through three business divisions:

• Leather Finishing – Our heritage, serving automotive, luxury goods, footwear and apparel. We continue to innovate here, especially around sustainability.

• Performance Coatings – Coatings for synthetics and other flexible substrates used in automotive, consumer goods, technical textiles and home furnishings.

• Packaging Coatings – Our newest area, driven by the global shift toward more sustainable packaging.

This setup helps us stay close to customers, respond quickly to changing needs and support them in creating better, more sustainable products.

Coatings World: What are the key differentiators that separate Stahl from its competitors?

Maarten Heijbroek: Focus. Since divesting our wet‑end leather chemicals business earlier this year, we’ve become a pure‑play specialty coatings company for flexible materials. That clarity allows us to go deeper technically and innovate faster.

Another strength is our ability to develop tailored formulations. Many customers don’t want a catalogue product, they need something that fits their process and performance goals. We work with them from early development to real‑world application, making sure the solution performs consistently.

In short, our edge comes from a mix of deep specialization, a strong innovation engine, meaningful sustainability commitments and a global technical footprint that ensures we can support customers wherever they operate.

Coatings World: How much emphasis does Stahl put on innovation and service?

Maarten Heijbroek: Innovation and service go hand in hand for us. As a specialty coatings company, we’re not just selling a product; we’re helping customers solve material and process challenges.

On the innovation side, we’re constantly investing in more sustainable chemistries, improved performance, and new application possibilities. Our R&D teams work directly with customers, which keeps development grounded in real needs rather than theoretical ones.

On the service side, we stay involved from development to application. Many customers rely on our technical teams to make sure a coating performs reliably in their production environment. That partnership approach is one of the things they value most.

Coatings World: What have been your most recent advances and acquisitions?

Maarten Heijbroek: Over the past few years, we’ve made deliberate choices to strengthen our portfolio and sharpen our strategic direction.

In March 2023, we acquired ICP Industrial Solutions Group, which gave us a solid entry into packaging coatings. In August 2024, we acquired WEILBURGER Graphics GmbH, bringing valuable expertise and expanding our position in European packaging and graphic‑arts coatings.

In January 2026, we separated our wet‑end leather chemicals business into a standalone company, Muno, which helped us become fully focused on specialty coatings.

And recently, it was announced that Stahl is to be acquired by Henkel. It’s an important milestone for us. Both companies share strengths in innovation, a commitment to customers and a focus on sustainability. Their scale and capabilities will help accelerate our growth.

Coatings World: What is Shahl’s outlook for the future?

Maarten Heijbroek: Our outlook is strong. The planned acquisition by Henkel marks the start of a new chapter, and it aligns with the momentum we’ve built over the past decade. We’ve grown into a focused specialty coatings company with a broader technology base and a stronger global footprint.

With Henkel, we expect to broaden the reach of our innovations and deepen our customer partnerships. The combination gives us a solid platform for the next phase of growth.

Coatings World: In February 2026, Henkel announced plans to acquire Stahl from Wendel SE, Stahl’s primary shareholder, subject to customary closing conditions and regulatory approvals. What are your initial thoughts?

Maarten Heijbroek: We’re grateful to Wendel for their long‑term support. Under their ownership, Stahl transformed into a focused, resilient specialty coatings company with a clear strategy and strong global presence.

Looking ahead, the move to Henkel feels like a natural next step. Their innovation strength, market reach and values align closely with ours. Together, we’ll be in a stronger position to support customers and continue growing in the markets we serve.