Henkel completed its acquisition of the Netherlands-based Stahl Group on October 1, 2026. According to Henkel’s closing announcement, all closing conditions, including the required regulatory approvals, have been met, and Stahl is now fully part of Henkel. The deal was announced at €2.1 billion in February 2026.
When did the deal close, and how much did Henkel pay?
Henkel announced the agreement on February 4, 2026. Completion came on October 1, 2026, about eight months later.
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The two companies describe the €2.1 billion figure differently. Henkel calls it the purchase price. Stahl’s announcement calls it enterprise value. Enterprise value normally includes debt, so the two labels are not interchangeable. Neither company has published a final closing adjustment or a breakdown of the consideration. Treat €2.1 billion as the announced figure, not a confirmed final payment.
What does Stahl make?
Stahl is a global supplier of high-performance specialty coatings for flexible materials. Henkel names three parts of the portfolio:
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- leather finishing solutions
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- packaging coatings
The closing release names mobility, fashion and lifestyle, luxury, and packaging as end markets. The February announcement listed automotive, fashion and lifestyle, and packaging.
Stahl’s size
| Metric | Figure | Source and caveat |
|---|---|---|
| Adjusted sales, fiscal 2025 | €725 million | Henkel’s October 1 closing release; company-reported |
| Employees | Around 1,800 globally | October 1 closing release; the February announcement said around 1,700 |
| Announced value | €2.1 billion | Purchase price (Henkel) or enterprise value (Stahl), February 4, 2026 |
These are company figures. The releases include no audited closing statement or purchase price allocation, and this article does not derive valuation multiples from them.
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Why did Henkel buy Stahl?
Henkel says Stahl broadens its Adhesive Technologies business into an adjacent category, specialty coatings for flexible materials. It also says the deal combines Stahl’s coatings capabilities with Henkel’s global adhesives expertise.
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- APPLIANCE REFINISHING: Renews the exterior of refrigerators, dishwashers, laundry machines, and other indoor metal surfaces.
- ULTRA-HARD COATING: Durable epoxy enamel withstands everyday wear while helping protect surfaces against scratches and abrasion.
- SMOOTH FACTORY-LIKE RESULTS: Creates an even, washable finish that refreshes the appearance of worn or outdated appliances.
- MOISTURE-RESISTANT FINISH: Provides lasting protection against moisture for appliance exteriors, metal cabinets, tables, and other indoor applications.
- IMPORTANT USE INFORMATION: Apply to appliance exteriors only; do not use inside appliances, on stovetops, or on continuously submerged surfaces.
Mark Dorn, the executive vice president responsible for Adhesive Technologies, said that Stahl’s “asset-light, know-how-based and service-driven business model, combined with its strong customization capabilities and sustainability focus, makes it a highly attractive strategic fit for our business.”
Both are executive assessments made at closing, not results. The deal closed only days ago, so no synergies, growth or sustainability outcomes have been reported.
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- HIGH HEAT SPRAY PAINT: Protective enamel retains its color and finish on metal surfaces exposed to intermittent heat up to 1200°F.
- RUST & CORROSION PROTECTION: Durable coating helps protect high-heat metal surfaces against rust, corrosion, chipping, and outdoor weathering.
- IDEAL FOR HIGH-HEAT SURFACES: Refresh and protect the exterior of barbecue grills, wood-burning stoves, radiators, engines, fire pits, and fireplace screens.
- FAST-DRYING FORMULA: Dries to the touch in approximately 30 minutes and covers up to 7 to 8 square feet per can for efficient project completion.
- LONG-LASTING COLOR RETENTION: Maintains a durable, attractive finish after repeated heating for dependable indoor and outdoor metal protection.
What is still unknown?
- The final cash consideration and any closing adjustments.
- Henkel’s integration plan for Stahl.
- How customers will be affected.
- Stahl’s performance under Henkel ownership.
Henkel’s acquisitions and divestments page is the place to check for later official updates.
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