€221m since 2006 (2)
5 Board Members
Stahl is the world leader in specialty chemicals and services for leather surfaces and is developing large market shares in niche applications for high-performance chemical coatings on other substrates. It enjoys high barriers to entry as a result of its expertise, the long-term relationships it maintains with its principal customers, which include major luxury and high-end car brands, as well as the very high level of skills of its “golden hands” technicians. Stahl has prospects for sustained growth generated by global leather consumption markets, in Asia in particular and the development of fast-growing niche markets for high-performance coatings. The potential consolidation in the sector we identified in 2006, combined with rigorous financial discipline, has allowed Stahl to expand further and strengthen its market leadership. It derives 65% of its sales from high growth regions. Since its initial investment of €171 million in Stahl in 2006, Wendel has received €341 million in dividends and loan repayments, owing in particular to Stahl’s very strong cash generation.
At end-2018, Wendel announced the acquisition of 4.8% of the capital of Stahl from Clariant for €50 million, bringing its total investment in the company to €221 million.
Amid a still-volatile global economy, Stahl will continue to target organic growth and increased market share. To do so, it will focus on ongoing product innovation, while stepping up marketing efforts and capitalizing on the positions it has established in high-growth regions (more than 65% of sales). Stahl also intends to continue to develop service–oriented made-to-order solutions to its clients and develop solutions for numerous substrates, in order to expand its scope of business and gain further market share. The Group will continue to capitalize on its strengths, which are its innovation capabilities (innovative environmentally-friendly solutions and customized technologies), its strong position with main clients, exposure to emerging markets and active cost management (strict financial discipline and value-adding investments).
Despite recent difficult performances, Stahl’s businesses continue to be driven by powerful long-term trends. Its markets are gradually shifting to the emerging market countries and increased environmental regulations are beneficial; the company is ahead of legislation and has the only compliant end-to-end solution set for its markets. The trend towards bio-based chemicals continues to develop, Stahl leads in markets with a solid bio-based product portfolio.
Huub van Beijeren
Board of Directors
Claude Ehlinger (Chairman)
Félicie Thion de la Chaume
Appointments and Compensation Committee
Bernard Gautier (Chairman)
Félicie Thion de la Chaume
Jérôme Michiels (Chairman)