Stahl completes divestment of its wet-end leather chemicals business
Last update on Jan 7, 2026
Stahl, a specialty coatings provider for flexible materials, announces the successful completion of the carve-out of its wet-end leather chemicals business. Effective 1 January 2026, the wet-end leather chemicals business will operate as a fully independent company named Muno, under the majority ownership of Wendel.
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Sharpening focus on specialty coatings for flexible materials
This milestone marks the conclusion of Stahl’s multi-year strategic transformation, reinforcing its commitment to strengthening its leadership in specialty coatings for flexible materials. By divesting its wet-end leather chemicals activities, Stahl has made a deliberate strategic shift towards becoming a pure-play specialty coatings formulator.
The separation enables Stahl to sharpen its focus on specialty coatings for flexible materials, extending its expertise beyond leather finishing into high-growth segments such as performance coatings and packaging coatings. This forward-looking strategy positions Stahl to meet evolving customer needs and capture growth opportunities in dynamic markets where innovation, sustainability, and performance are key drivers.
Maarten Heijbroek, CEO of Stahl, said, “This milestone reflects our commitment to clarity of purpose and long-term value creation. Establishing two independent companies will enable each to focus on its strengths and accelerate innovation in its field. Stahl will continue to drive progress in specialty coatings for a wide range of flexible materials, while Muno embarks on its own path in wet-end leather chemicals.”
“We are entering 2026 with focus, momentum and confidence. As a pure-play specialty coatings company, we are better positioned than ever to drive innovation and help our customers succeed in the fast-moving markets we serve.”