WENDEL: הסכם למכור את Stahl, המובילה העולמית בציפויים מיוחדים לחומרים
גמישים, להנקל
הודעה
לעיתונות – 4 בפברואר 2026, GLOBE NEWSWIRE
חברת Wendel (Euronext: MF.FP) מודיעה כי חתמה על
הסכם למכירת אחזקותיה ב-Stahl (לא כולל Muno) תמורת שווי ארגוני של 2.1 מיליארד אירו ל- Henkel, חברה מובילה
עולמית בתחום הציפויים והדבקים שבסיסה בגרמניה, המשרתת מגוון רחב של שווקים
תעשייתיים וצרכניים. הנקל נהנית מרקורד חזק בחדשנות, מנהיגות טכנולוגית וקיימות.
WENDEL: Agreement to sell Stahl, the global leader in specialty coatings
for flexible materials, to Henkel
Estimated net proceeds of €1.2 billion for Wendel, representing an annualized IRR of over 15% since 2006
PRESS RELEASE – FEBRUARY 4, 2026, GLOBE NEWSWIRE
Wendel (Euronext: MF.FP) announces it has entered into an agreement to sell its stake in Stahl (excluding Muno) for an enterprise value of €2.1 billion to Henkel, a German-headquartered global coatings and adhesives leader serving a broad range of industrial and consumer end markets. Henkel benefits from a strong track record in innovation, technology leadership and sustainability.
The contemplated transaction values Stahl at
a level that would yield total net proceeds at completion (after debt and
transaction costs) of c.€1.2 billion for Wendel. This corresponds to a multiple
of 6.6 times (net) Wendel’s total investment since 2006, including €427m of
past proceeds thanks to Stahl’s robust cash generation. This represents an
annualized IRR of over 15% over 20 years. This compares with a value of €960
million in Wendel’s net asset value (“NAV”) published before the transaction
announcement, as of September 30, 2025.
In addition to Wendel (68.5% of the capital),
BASF (16.1%), Clariant (14.6%) and other minority shareholders will also sell
their interests in Stahl to Henkel. The transaction is subject to mandatory
consultation processes and the satisfaction of customary closing conditions,
including regulatory approvals.
A 20-year successful transformation and
development under Wendel’s ownership
Stahl is the global leader in specialty
coatings for flexible materials. The Group benefits from favourable end-market
trends – particularly in premium consumer segments – strong exposure to
high-growth regions (such as Asia), and a product portfolio driven by
sustainable, water-based technologies. In addition, Stahl has successfully
built attractive positions in fast-growing niches for specialty coatings. The
early identification of consolidation and expansion opportunities, combined
with rigorous financial discipline throughout Wendel’s ownership, has enabled
Stahl to broaden its expertise and further strengthen its market leadership.
Between 2006 and 2024, under Wendel’s
ownership, Stahl's global sales nearly tripled, from €316 million to €930
million (including wet-end leather chemicals activities, now operating under
Muno and not part of the current transaction). This remarkable growth was
supported by a combination of organic growth and strategic acquisitions,
including the acquisition of Clariant’s Leather Services business in 2013,
Eagle performance in 2016, BASF’s Leather Chemicals business in 2017, ICP
Industrial Solutions Group in 2023, and Weilburger Graphics in 2024.
Over the same period, Stahl’s profitability
improved materially, with adjusted operating income increasing fourfold, from
€44 million to €181 million, and adjusted operating margin expanding by 550 bps
to 19.5% in 2024.
In parallel, Stahl has established itself as
a recognized ESG frontrunner in its industry. The Group has built a leading
sustainability track record, reflected in four consecutive Ecovadis Platinum
ratings since 2021, set ambitious SBTi validated reduction targets, and
developed strong capabilities in sustainable innovation. With a product
portfolio increasingly aligned with customer sustainability expectations and
tightening regulatory requirements, Stahl is well positioned to support its
customers’ ESG transition while delivering long-term, responsible growth.
Early 2026, Stahl announced the completion of
its multi-year strategic transformation, marking its evolution into a pure-play
speciality coatings formulator for flexible materials, by divesting its wet-end
leather chemicals activities. The wet-end business is now a standalone company
named Muno, majority-owned by Wendel, together with minority shareholders BASF
and Clariant.
Laurent Mignon, Wendel Group CEO, commented: “Over the last 20 years, Wendel has worked alongside Stahl's
talented and committed management teams to transform the company into the
undisputed global leader in its sector. After two decades of active support, we
are proud to see Stahl continue its industrial and commercial development
within an industrial leader such as Henkel.
The transaction announced today is fully in
line with our capital allocation strategy announced during our December 2025
Capital Market Day and is a great illustration of the quality of Wendel
Principal Investments (WPI) assets and the cautiousness of their value in our
Net Asset Value, with a value to be realized representing a premium of over
20%. It also represents a first successful illustration of the efficiency of
the advisory mandate given to IK Partners.
The sale of Stahl is a key milestone in the
execution of the roadmap presented early December and will allow Wendel to
fulfil its objectives of long-term value creation through its private assets
investments, the development of Wendel Investment Managers (WIM) as a
first-class private asset management platform and superior return to
shareholders. It will allow us to execute the share buyback programme as
announced at the Capital Market Day, after the release of our 2025 earnings.”
Maarten Heijbroek, CEO of Stahl: “We are deeply grateful to Wendel for the long-term partnership
and support that have shaped Stahl’s trajectory over the past two decades.
Under Wendel’s ownership, Stahl has undergone a significant transformation into
a focused, pure‑play specialty coatings company with a strong global footprint,
strengthened technologies, and a resilient market position. This transformation
means we are now well‑positioned for further growth.”
As we move into our next chapter under the
Henkel umbrella, we believe this transaction will further strengthen our
leadership position in specialty coatings for flexible materials. Henkel’s
strong innovation capabilities will further enhance the value we deliver to our
customers, and our shared values make this a natural and exciting next step for
Stahl.”
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