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Wendel

  • Group
    • Profession
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    In the world of investment, Wendel is unique.

    Its permanent capital and stable shareholder base give it the time and ability to carefully select and nurture the companies in which it invests. 

    Read more
  • Governance
    • Governance principles
    • Supervisory board
    • Executive Board

    Wendel is a company with an Executive Board and a Supervisory Board, thereby setting out a clear division of responsibilities between the executives and the shareholders and between the company's management and its supervision.

    Read more
  • Teams
    • Corporate teams
    • Investment teams

    Supporting investment with our international presence

    1.  France
    2.  United Kingdom
    3.  North America
    4.  Luxembourg
    5.  Singapore
    6.  Morocco
  • Companies

    Wendel Group companies are leaders in their industries and make innovation central to their development.

    Bureau Veritas
    35.6%
    Certification and verification
    IHS
    21.4%
    Mobile telephone infrastructures in Africa
    Constantia Flexibles
    60.7%
    Flexible packaging
    Allied Universal
    33.7%
    Security services
    Cromology
    100%
    Manufacture and distribution of paints
    Stahl
    67.5%
    High-performance coatings and leather-finishing products
    Tsebo
    66.5%
    Facilities services
  • Finance
    • Wendel in brief
    • Wendel share
    • Net asset value
    • Results
    • Credit Investors
    • Individual shareholders
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    • Tools and downloads
    • Contacts

    17/10/2014 12:09:09

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    NAV per share as of 09.30.19
    €158.6

    Press releases

    2018 Registration Document

  • Commitments
    • Values
    • Code of Ethics
    • Corporate social responsibility
    • The Wendel International Center for Family Enterprise
    • Centre Pompidou-Metz

    The Pompidou-Metz Center

    Wendel plans for the long-term growth of the companies it invests in and knows that a company’s longevity depends on the balance between its business model, its markets, the well-being of its people, and its place in the environment.

    Read more

 

logo_stahl_header_societe.png

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See the video
67.5
Capital held by Wendel
(1) as of December 31, 2018.
A global group with a strong presence in emerging economies
Stahl is the market leader in process chemicals for leather products; next to this, Stahl produces polymers and performance coatings for a variety of substrates such as textile, paper, plastics, rubber, metal and wood. Stahl offers a wide range of solutions to the automotive, shoe, apparel & accessories and home interior sectors, and for industrial applications.

Key figures

2018 Sales

€866.9m

Present in

24 countries

Amount invested by Wendel

€221m since 2006 (2)

 

Employees (including more than 600 experts sales staff)

c. 2,000

Application labs

38

Manufacturing sites

13

Leather chemicals

No.1 worldwide

Wendel's role in corporate governance

5 Board Members

(2) Amount of equity invested by Wendel as of December 31, 2018.

Why did we invest in Stahl?

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.

Key milestones of the investment

  • 06.30.2006
    Oranje-Nassau, a subsidiary of WENDEL Investissement, and The Carlyle Group acquire Stahl Holdings B.V.
  • 03.01.2010
    Wendel announces that it holds a 92% stake in Stahl and has completed a successful financial restructuring with unanimous lender
  • 10.30.2013
    Shahl is in exclusive negotiations with Clariant for the acquisition of Clariant’s leather services business
  • 11.23.2016
    Stahl acquires the Eagle Performance Products business
  • 03.23.2017
    BASF Leather Chemicals business to become part of the Stahl Group
  • 10.02.2017
    Stahl completes acquisition of the BASF leather chemicals assets
  • 01.03.2019
    Wendel strengthens its position in Stahl by acquiring 4.8% of the capital from Clariant for €50 million
    • Oranje-Nassau, a subsidiary of WENDEL Investissement, and The Carlyle Group acquire Stahl Holdings B.V. - 33.14 KB - PDF
    • Wendel announces that it holds a 92% stake in Stahl and has completed a successful financial restructuring with unanimous lender - 68.15 KB - PDF
    • Shahl is in exclusive negotiations with Clariant for the acquisition of Clariant’s leather services business - 217.12 KB - PDF
    • Stahl acquires the Eagle Performance Products business - 67.73 KB - PDF
    • BASF Leather Chemicals business to become part of the Stahl Group - 219.82 KB - PDF
    • Stahl completes acquisition of the BASF leather chemicals assets - 201.84 KB - PDF
    • Wendel strengthens its position in Stahl by acquiring 4.8% of the capital from Clariant for €50 million - 454.29 KB - PDF
    Press releases of Stahl


    01.03.3019 - Wendel strengthens its position in Stahl by acquiring 4.8% of the capital from Clariant for €50 million

    01.03.3019 - Wendel strengthens its position in Stahl by acquiring 4.8% of the capital from Clariant for €50 million - 454.29 KB - PDF


    10.02.2017 - Stahl completes acquisition of the BASF leather chemicals assets

    10.02.2017 - Stahl completes acquisition of the BASF leather chemicals assets - 201.84 KB - PDF


    03.23.2017 - BASF Leather Chemicals business to become part of the Stahl Group

    03.23.2017 - BASF Leather Chemicals business to become part of the Stahl Group - 219.82 KB - PDF


    11.23.2016 - Stahl acquires the Eagle Performance Products business

    11.23.2016 - Stahl acquires the Eagle Performance Products business - 67.73 KB - PDF


    10.30.2013 - Shahl is in exclusive negotiations with Clariant for the acquisition of Clariant’s leather services business

    10.30.2013 - Shahl is in exclusive negotiations with Clariant for the acquisition of Clariant’s leather services business - 217.12 KB - PDF


    03.01.2010 - Wendel announces that it holds a 92% stake in Stahl and has completed a successful financial restructuring with unanimous lenders support

    03.01.2010 - Wendel announces that it holds a 92% stake in Stahl and has completed a successful financial restructuring with unanimous lenders support - 68.15 KB - PDF


    06.30.2006 - Oranje-Nassau, a subsidiary of WENDEL Investissement, and The Carlyle Group acquire Stahl Holdings B.V.

    06.30.2006 - Oranje-Nassau, a subsidiary of WENDEL Investissement, and The Carlyle Group acquire Stahl Holdings B.V. - 33.14 KB - PDF

    Outlook for development  

    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.

    “Wendel is a invaluable partner in our efforts to expand our market share.”

    Huub Van Beijeren

    CEO of Stahl

    Top management

    Huub van Beijeren
    CEO

    Wendel's role in corporate governance

    Board of Directors

    Claude Ehlinger (Chairman)
    Jérôme Michiels
    Félicie Thion de la Chaume

    Appointments and Compensation Committee

    Félicie Thion de la Chaume

    Audit Committee

    Etienne Boris (Chairman)
    Claude Ehlinger
    Jérôme Michiels 
    Félicie Thion de la Chaume

    3 minutes to understand Stahl

    Watch the video

    Latest News

    12.09.2019
    Stahl Design Studio® captures future design trends
    11.21.2019
    Stahl's Dr. Alexis Pey appointed executive board member of European Federation of chemical engineering
    11.11.2019
    Project launched to reduce single-use plastic at Stahl Ibérica
    11.07.2019
    Explore the possibilities of Stahl Polymers at ChinaCoat
    10.22.2019
    Stahl India installs zero liquid discharge technology at Kanchipuram site

    For more information

    • Stahl's website
    • Twitter
    • Linkedin

    Files to download

    • stahl_-_sustainability_report2017.pdf
    • stahl_compliance_report_2017.pdf
    • Groupe
      • Profession
      • Strategy
      • Our shareholders
      • History
      • Contacts

      In the world of investment, Wendel is unique.

      Its permanent capital and stable shareholder base give it the time and ability to carefully select and nurture the companies in which it invests. 

      Read more
      • Profession
      • Strategy
      • Our shareholders
      • History
      • Contacts
    • Gouvernance
      • Governance principles
      • Supervisory board
      • Executive Board

      Wendel is a company with an Executive Board and a Supervisory Board, thereby setting out a clear division of responsibilities between the executives and the shareholders and between the company's management and its supervision.

      Read more
      • Governance principles
      • Supervisory board
      • Executive Board
    • Équipes
      • Corporate teams
      • Investment teams

      Supporting investment with our international presence

      1.  France
      2.  United Kingdom
      3.  North America
      4.  Luxembourg
      5.  Singapore
      6.  Morocco
      • Corporate teams
      • Investment teams
    • Companies

      Wendel Group companies are leaders in their industries and make innovation central to their development.

      Bureau Veritas
      35.6%
      Certification and verification
      IHS
      21.4%
      Mobile telephone infrastructures in Africa
      Constantia Flexibles
      60.7%
      Flexible packaging
      Allied Universal
      33.7%
      Security services
      Cromology
      100%
      Manufacture and distribution of paints
      Stahl
      67.5%
      High-performance coatings and leather-finishing products
      Tsebo
      66.5%
      Facilities services
      • Bureau Veritas
      • IHS
      • Constantia Flexibles
      • Allied Universal
      • Cromology
      • Stahl
      • Tsebo
    • Finance
      • Wendel in brief
      • Wendel share
      • Net asset value
      • Results
      • Credit Investors
      • Individual shareholders
      • Annual General Meetings
      • Investor Days
      • Other presentations
      • Financial agenda
      • Regulated information
      • Coverage by analysts
      • Tools and downloads
      • Contacts

      17/10/2014 12:09:09

      Loading...

       

      NAV per share as of 09.30.19
      €158.6

      Press releases

      2018 Registration Document

      • Wendel in brief
      • Wendel share
      • Net asset value
      • Results
      • Credit Investors
      • Individual shareholders
      • Annual General Meetings
      • Investor Days
      • Other presentations
      • Financial agenda
      • Regulated information
      • Coverage by analysts
      • Tools and downloads
      • Contacts
    • Engagements
      • Values
      • Code of Ethics
      • Corporate social responsibility
      • The Wendel International Center for Family Enterprise
      • Centre Pompidou-Metz

      The Pompidou-Metz Center

      Wendel plans for the long-term growth of the companies it invests in and knows that a company’s longevity depends on the balance between its business model, its markets, the well-being of its people, and its place in the environment.

      Read more
      • Values
      • Code of Ethics
      • Corporate social responsibility
      • The Wendel International Center for Family Enterprise
      • Centre Pompidou-Metz
    • Press portal
      • Individual shareholders
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    • EN
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    • Group
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    • Governance
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    • Companies
      • Bureau Veritas
      • IHS
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      • Cromology
      • Stahl
      • Tsebo
    • Finance
      • Wendel in brief
      • Wendel share
      • Net asset value
      • Results
      • Credit Investors
      • Individual shareholders
      • Annual General Meetings
      • Investor Days
      • Other presentations
      • Financial agenda
      • Regulated information
      • Coverage by analysts
      • Tools and downloads
      • Contacts
      • Registration document
    • Commitments
      • Values
      • Code of Ethics
      • Corporate social responsibility
      • The Wendel International Center for Family Enterprise
      • Centre Pompidou-Metz
    • Individual shareholders
    • Press portal