Stahl Completes the Carve Out of Its Wet-end Leather Business, Becoming a Pure-play Speciality Coatings Leader

Waalwijk, the Netherlands, 6 January 2026 – Stahl, the global leader in speciality coatings for flexible materials, today announced 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.

This milestone marks the conclusion of Stahl’s multi-year strategic transformation, reinforcing its commitment to strengthening its leadership in speciality coatings for flexible materials. By divesting its wet-end leather chemicals activities, Stahl has made a deliberate strategic shift towards becoming a pure-play speciality coatings formulator.

Sharpen focus on speciality coatings
The separation enables Stahl to sharpen its focus on speciality 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, says: “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 speciality 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,” added Maarten Heijbroek. “As a pure-play speciality coatings company, we are better positioned than ever to drive innovation and help our customers succeed in the fast-moving markets we serve.

We thank our colleagues joining Muno for their longstanding contribution to Stahl and wish them every success as they begin this exciting new journey.”