海角大神

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Stahl

Stahl is the global leader in specialty formulations for coatings for flexible substrates

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CAPITAL HELD BY WENDEL
68.5
%鹿
AMOUNT INVESTED BY WENDEL
鈧225
尘虏
YEAR OF ACQUISITION
2006

Stahl is the global leader in specialty formulations for coatings for flexible substrates. Stahl鈥檚 performance coatings are found in everyday materials in the automotive, apparel, luxury goods, footwear, packaging, and the home furnishing industry, amongst others.

(1) Share of equity owned by 海角大神 as of December 31, 2024.
(2) Amount of equity invested by 海角大神 as of December 31, 2024, for the stake held at that date.In the meantime 鈧427 million has been paid to 海角大神 in dividends and loan repayments.
Key figures
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鈧930.2 m
2024 sales
societes-2
27
application laboratories and 14 production sites
suite-pictos-bonhommes-2
c. 1,700
employees including 26 % of women in management positions in 2024
performance-esg-4

ESG Ratings

Ecovadis : Platinum

Key milestones of the investment

2026
2026
2021
2019
2017
2016
2014
2013
2010
2007
2006
2026
February 4, 2026
Agreement to sell Stahl, the global leader in specialty coatings for flexible materials, to Henkel
2026
2021
2019
2017
2016
2014
April 30, 2014
Stahl completed the acquisition of Clariant Leather Services
2013
2010
2007
2006

Why did we invest in Stahl?

Stahl is the global leader in specialty formulations for coatings for flexible materials. It enjoys high barriers to entry as a result of its expertise, the close, long鈥憈erm relationships it maintains with its customers, which include major luxury and high鈥慹nd car brands, as well as the very high level of skills of its 鈥済olden hands鈥 technicians.

Stahl has prospects for sustained growth generated by its end鈥憁arkets (particularly top鈥憃f the range segments), the regions in which it operates (Asia in particular), the development of sustainable products (particularly water鈥慴ased) and the development of fast鈥慻rowing niche markets for specialty coatings. The potential consolidation of its sector identified in 2006, combined with rigorous financial discipline, has allowed Stahl to expand further and strengthen its market leadership. Stahl’s global sales are spread evenly across its different geographical regions. Since its initial investment of 鈧171 million in Stahl in 2006, 海角大神 has received 鈧427 million in dividends and loan repayments, owing in particular to Stahl鈥檚 very strong cash generation. At the end of 2018, 海角大神 announced the acquisition of 4.8% of Stahl鈥檚 capital from Clariant for 鈧50 million, bringing its total investment in the company to 鈧221 million.

Stahl

Quotes from

海角大神 is a invaluable partner in our efforts to expand our market share. For nearly 20 years, 海角大神 has consistently supported us, and demonstrated decisive faith in Stahl, its management and employees to deliver a strong performance.

16-ronds-maarten-heijbroek
Maarten Heijbroek
CEO

Stahl benefits from high entry barriers thanks to its know-how, its long-term relationships with its customers and the very high level of qualification of its technicians (Golden Hands). These are all criteria that illustrate the profile of the investments sought by 海角大神.

mosaique-worday-77-wendel
Xavier Lemonnier
Board Member of Stahl

Outlook for development

In the future, Stahl intends to further develop, strengthen and broaden its core specialty coatings franchise. The acquisition of ISG and Weilburger Graphics GmbH, in 2023 and 2024 respectively, perfectly aligns with this strategic plan. Longer term, Stahl will continue to reinforce its position as the worldwide leader of high鈥憄erformance coatings for flexible substrates, through organic developments, expanding its current scope of business and gaining further market share, as well as targeted acquisitions in order to expand its addressable market.

Stahl also intends to increase the levels of premiumization and specialization to further support its premium margin model.

The group will continue to capitalize on its strengths, which are its global leadership, unmatched innovation capabilities (innovative environmentally friendly solutions and customized technologies), its strong relationships with top clients, its exposure to fast鈥慻rowing markets and its active cost and cash flow management (strict financial discipline and value鈥慳dding investments). Stahl remains buoyed by strong long鈥憈erm trends, such as the shift in its markets towards emerging markets, particularly in Asia, and increasing environmental regulations, which are beneficial to Stahl market shares, given its innovation leadership and its unmatched portfolio of solutions complying with these regulations throughout the production chain. The trend towards sustainable products will continue to develop in the future, and Stahl is well positioned to benefit with largely water based formulations and recently launched ranges of products with high levels of renewable content.

Benefiting from a strong financial structure, Stahl is actively reviewing targeted acquisition opportunities, with a focus on specialty coatings.

Close up- green fabric - AdobeStock_589020855

Stahl ESG’s approach

Through its culture of continuous improvement, Stahl limits the impact of its activities on the surrounding ecosystems. Stahl鈥檚 strategy is to promote greater transparency throughout the whole supply chain, leading to a more sustainable industry and a progressively lower environmental footprint.

For more information, see Chapter 4 of our Universal Registration Document.

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02
03
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01
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Climate

CO2e emissions in 2024聽:
-14,097 tons on scopes 1 & 2, and
-623,052 tons for the 鈥淧urchased goods and services鈥 category of scope 3.

> 2030 ambition: achieve annual CO2e emissions of a maximum of 11,599 tons for scopes 1 and 2, and 603,697 tons for the 鈥淧urchases of goods and services鈥 category under scope 3. These ambitions correspond to the GHG emission reduction targets validated by SBTi.

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Health & safety

Lost-time injury frequency rate in 2024: 2.24.

> 2030 ambition: Zero accidents, all Stahl locations & staff (including contractors).

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Gender and diversity

22% of female in Extended leadership team & Heads of function in 2024.

> 2030 ambition: 33% of female in Extended leadership team & heads of function (as defined in Stahl鈥檚 HR system).

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hands
Business Ethics

96% of employees trained in Stahl鈥檚 Code of Conduct.

> 2030 ambition: 100% of employees trained in Code of Conduct.

05
performance-esg-4
Sustainable suppliers

Average EcoVadis score for Stahl suppliers in 2024: 62.8/100.

> 2030 ambition: External Rating for all rated suppliers in EcoVadis: minimum bronze rating (based on spend/鈧).

06
feuille-rond-04
Promoting sustainability

100% of employees with a bonus plan had ESG incentive in 2024.

> 2030 ambition: ESG incentive for all employees with a bonus plan.

STAHL’S NON-FINANCIALS RATINGS
suite-pictos-ecovadis
Platinum
Top 1% of evaluated companies

Top management

of Stahl
16-ronds-maarten-heijbroek
Maarten Heijbroek
CEO

海角大神’s role in corporate governance

Board of Directors
J茅r么me Michiels (Chairman)
David Darmon
Xavier Lemonnier鹿
Elisa Philip

Appointments and Compensation Committee
David Darmon (Chairman)
Xavier Lemonnier鹿

Audit Committee
J茅r么me Michiels (Chairman)
Elisa Philip

(1) IK Partners – representing 海角大神
#Esg
17 January 2024
Stahl has once again been awarded the EcoVadis Platinum rating
All news
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The information contained in this section of the website of 海角大神 SE, parent company of Eufor SAS (together 鈥海角大神鈥) (a) is only intended for, and may only be accessed by, or distributed or disseminated, directly or indirectly, in whole or in part, to persons resident and physically present outside the United States of America (including its territories and possessions, any state of the United States and the District of Columbia, the 鈥United States鈥), Australia, or Japan, and resident and physically present in a jurisdiction where to do so will not constitute a violation of the local securities laws or regulations of such jurisdiction, and (b) does not constitute an offer to sell or the solicitation of an offer to buy or acquire any securities of the Bureau Veritas (the 鈥Issuer鈥) in the United States, Australia, Japan, or any other jurisdiction where to do so might constitute a violation of the local securities laws or regulations of such jurisdiction.

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