Recently, Stahl, a global speciality coatings company for flexible materials, announced the completion of the divestiture of its leather wet-end business. Effective January 5, 2026, this business will operate as an independent company named "Muno," with the Wendel Group holding a majority stake.

This divestiture marks the substantial completion of Stahl's strategic transformation into a pure-play speciality coatings supplier. Maarten Heijbroek, CEO of Stahl, stated, "The successful independent divestiture of our leather wet-end business is a key milestone in our journey to achieve strategic focus and create long-term value." The original business team will join the new company to ensure continuity of customer service.

Through this strategic transformation, Stahl will focus more intensely on the speciality coatings sector for flexible substrates, further concentrating resources on high-growth segments such as high-performance coatings and packaging coatings. In recent years, the company has strengthened its position in markets like packaging coatings through acquisitions and other means. This adjustment aims to enhance the company's competitiveness in the speciality coatings field, enabling it to better respond to customer needs in industries such as apparel, automotive, and packaging.

Stahl stated that the two independent companies will each focus on their core strengths going forward: Stahl will continue to deepen R&D and innovation in coatings for flexible substrates, while Muno will concentrate on the ongoing development of the leather wet-end business.