January 6, 2026 – Stahl, one of the global leaders in specialty coatings for flexible materials, today announced the successful completion of the divestment of its leather chemicals (wet-end) business.
Effective January 5, 2026, this business will operate as an independent company under the new name Muno, with Wendel Group retaining majority ownership. The spin-off, which was completed independently without reliance on external acquirers, marks the successful culmination of Stahl’s multi-year strategic transformation and reaffirms its commitment to strengthening its position as a leading global specialty coatings company for flexible substrates.
Strategic Independence and Transformation Realized
With nearly a century of heritage, Stahl was originally founded on its leather finishing business and later expanded into the leather wet-end sector, developing deep industry expertise and a strong technological foundation. As global industrial dynamics evolved, Stahl keenly identified the growth potential of specialty coatings and, leveraging its core formulation technology in flexible material coatings, decisively established a strategic direction to transform into a pure specialty coatings supplier. The divestment of its leather wet-end business represents a pivotal step in this transformation.
Throughout this process, Stahl demonstrated strong strategic autonomy and resource integration capabilities, successfully completing the seamless separation and independent operation of the wet-end business. The core team of leather wet-end specialists has transitioned to the new company, ensuring continuity and stability of customer service while reflecting Stahl’s commitment to both client needs and employee development.
Focused Resources for High-Growth Segments
The divestment enables Stahl to further concentrate on its specialty coatings for flexible materials, expanding its technological expertise beyond leather coatings into high-performance coatings, packaging coatings, and other fast-growing market segments. This forward-looking positioning will empower Stahl to better respond to evolving customer demands and seize new opportunities in markets driven by innovation, sustainability, and performance.
To reinforce its core competitiveness, Stahl has implemented a series of strategic initiatives in recent years, including:
- 2023: Acquisition of ICP Industrial Solutions Group, a leading supplier of high-performance coatings for packaging and label applications, strengthening Stahl’s packaging coatings foundation.
- 2024: Acquisition of Weilburger Graphics, a German producer of water-based and energy-curable coatings for printing and packaging, and integration of its Turkish packaging coatings operations into Stahl Kimya to enhance regional market presence.
- Signing of an exclusive licensing agreement with Barriertec, a provider of sustainable high-performance barrier solutions for paperboard packaging, to expand Stahl’s sustainable packaging coatings portfolio.
Through these initiatives and its deep technological expertise, Stahl has built a diversified portfolio of high-performance and packaging coatings—beyond leather finishing—serving a wide range of industries including apparel, footwear, luxury goods, automotive, packaging, and home furnishings. This comprehensive offering enables Stahl to meet diverse customer needs while firmly positioning itself in innovation- and sustainability-driven markets.
Anchoring Core Strengths, Embarking on a New Chapter
Maarten Heijbroek, CEO of Stahl, stated:
“The independent completion of the leather wet-end business divestment marks a significant milestone in our journey toward strategic focus and long-term value creation. The establishment of two independent companies will allow both to focus on their respective core strengths — Stahl will continue to advance breakthrough innovations in specialty coatings for flexible substrates, reinforcing our leadership position, while Muno will carry forward the strong legacy of leather wet-end expertise and embark on its own exciting growth path.
I extend my heartfelt thanks to the colleagues joining Muno — their dedication and expertise have been instrumental to Stahl’s success, and I wish them continued achievement in this new chapter full of opportunity.”
