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Stahl completes strategic transformation: A pure-play speciality coatings company emerges
Stahl, a global company active in speciality coatings, has finalised the carve-out of its wet-end leather business, marking its transition into a focused speciality coatings formulator. The move aligns with its strategy to target high-growth sectors such as performance and packaging coatings.
Stahl, headquartered in Waalwijk, the Netherlands, has officially completed the carve-out of its wet-end leather chemicals business, which will now operate independently under the name Muno. Effective 5 January 2026, Muno is majority-owned by Wendel, while the coatings manufacturer remains focused on its core expertise: speciality coatings for flexible materials. This development concludes a multi-year transformation aimed at solidifying its position as a pure-play speciality coatings leader.
The separation allows the company to sharpen its focus on fast-growing segments, including performance and packaging coatings. By divesting its wet-end leather chemicals operations, the company can better address evolving customer needs and pursue growth opportunities in markets driven by innovation, sustainability, and enhanced performance. This strategic pivot positions the coatings producer to thrive in dynamic industries where flexible material coatings play a crucial role.
Innovation and sustainability at the core of the coatings manufacturer’s strategy
Maarten Heijbroek, CEO of Stahl, emphasised the significance of this milestone. “This reflects our commitment to clarity of purpose and long-term value creation,” he remarked. Heijbroek highlighted that the establishment of two independent companies will enable each to focus on its strengths and accelerate innovation within their respective fields. While the coatings manufacturer advances in speciality coatings, Muno will concentrate on wet-end leather chemicals.
Entering 2026, the company aims to leverage its newfound focus to stay ahead in fast-moving markets. The coatings producer is committed to fostering progress in sustainability and performance-driven solutions, ensuring it remains a competitive force in the coatings industry.
Strategic growth in dynamic markets
The realignment comes at a critical time when the demand for high-performance coatings and sustainable solutions is rising. With streamlined operations, the coatings manufacturer is now better equipped to innovate and deliver tailored solutions for a wide range of applications, from leather finishing to advanced packaging materials.
By concentrating on speciality coatings and exploring new market opportunities, the coatings producer is expected to enhance its position in flexible material technologies. This move signifies its readiness to tackle future challenges while supporting its commitment to sustainable and high-performance innovations.
