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Stahl

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

Stahl ESG Report 2024
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CAPITAL HELD BY WENDEL
68.1
%¹
AMOUNT INVESTED BY WENDEL
€225
m²
YEAR OF ACQUISITION
2006

Stahl is the global leader in specialty formulations for coatings and surface treatments for flexible substrates. Stahl’s 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 Wendel as of December 31, 2024.
(2) Amount of equity invested by Wendel as of December 31, 2024, for the stake held at that date.In the meantime €427 million has been paid to Wendel in dividends and loan repayments.
Key figures
icon
€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

2021
2019
2017
2016
2014
2013
2010
2007
2006
2021
March 11, 2021
Maarten Heijbroek appointed CEO of Stahl
2019
January 3, 2019
Wendel strengthens its position in Stahl by acquiring 4.8% of the capital from Clariant for €50 million
2017
March 23, 2017
BASF Leather Chemicals business to become part of the Stahl Group
October 2, 2017
Stahl completes acquisition of the BASF leather chemicals assets
2016
November 23, 2016
Stahl acquires the Eagle Performance Products business
2014
April 30, 2014
Stahl completed the acquisition of Clariant Leather Services
2013
October 30, 2013
Stahl is in exclusive negotiations with Clariant for the acquisition of Clariant’s leather services business
2010
March 1st, 2010
Wendel announces that it holds a 92% stake in Stahl and has completed a successful financial restructuring with unanimous lenders support
2007
January 30, 2007
Nomination d’un nouveau Directeur Général chez Stahl (in french)
2006
June 30, 2006
Oranje-Nassau, a subsidiary of Wendel Investissement, and The Carlyle Group acquire Stahl Holdings B.V.

Why did we invest in Stahl?

Stahl is the global leader in specialty formulations for coatings and surface treatments for flexible materials. It enjoys high barriers to entry as a result of its expertise, the close, long‑term relationships it maintains with its 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 its end‑markets (particularly top‑of the range segments), the regions in which it operates (Asia in particular), the development of sustainable products (particularly water‑based) and the development of fast‑growing 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 €171 million in Stahl in 2006, Wendel has received €427 million in dividends and loan repayments, owing in particular to Stahl’s very strong cash generation. At the end of 2018, Wendel announced the acquisition of 4.8% of Stahl’s capital from Clariant for €50 million, bringing its total investment in the company to €221 million.

Stahl

Quotes from

Wendel is a invaluable partner in our efforts to expand our market share. For nearly 20 years, Wendel 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 Wendel.

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‑performance 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‑growing markets and its active cost and cash flow management (strict financial discipline and value‑adding investments). Stahl remains buoyed by strong long‑term 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’s 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.

01
02
03
04
05
06
01
changement-climat-4
Climate

CO2e emissions in 2024 :
-14,097 tons on scopes 1 & 2, and
-623,052 tons for the “Purchased goods and services” 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 “Purchases of goods and services” category under scope 3. These ambitions correspond to the GHG emission reduction targets validated by SBTi.

Read more about Stahl’s ESG strategy
02
i-1
Health & safety

Lost-time injury frequency rate in 2024: 2.24.

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

03
parite-4
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’s HR system).

04
hands
Business Ethics

96% of employees trained in Stahl’s 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/€).

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

Wendel’s role in corporate governance


Board of Directors
Claude Ehlinger (Chairman)
Xavier Lemonnier
Elisa Philip
David Varet

Appointments and Compensation Committee
Xavier Lemonnier (Chairman)
Claude Ehlinger

Audit Committee
Claude Ehlinger
Elisa Philip

#Esg
17 January 2024
Stahl has once again been awarded the EcoVadis Platinum rating
All news
– Press release
30 June 2025
Stahl inaugurates Customer Center of Excellence in León, Mexico
All press releases
 
17 June 2025
Stahl launches Syncros™: A new generation of sustainable crosslinkers for leather finishing
Useful links
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The securities of the Company referred to in this section of the website (the “Securities”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state of the United States for offer or sale as part of their distribution and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. The Securities have not been and will not be registered under the applicable securities laws of Australia, Canada or Japan, or any other jurisdiction in which it would be unlawful or would require registration or other measures, and therefore may not be offered or sold to or for the account or benefit of any person having a registered address in, or located or resident in, Australia, Canada, Japan or any other jurisdiction in which it would be unlawful or would require registration or other measures.

Access to the information contained on this portion of the website may be illegal in certain jurisdictions, and only certain categories of persons may be authorized to access such information and documents. All persons who wish to have access to the documents contained in this section of the Seller’s website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this section of the website, or require registration or approval for any acquisition of securities by them. No such registration or approval has been or will be obtained. The Seller assumes no responsibility if there is a violation of applicable law and regulations by any person.

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IMPORTANT INFORMATION

The materials contained herein are not for general release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States of America, Australia, Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction. Access to the information and documents on this portion of the website is restricted for regulatory reasons. You are requested to review the following information and make the following confirmation each time you seek to access this restricted information. Your confirmation must be true and accurate.

The information contained in this section of the website of Wendel SE, parent company of Eufor SAS (together “Wendel”) (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 “United States”), 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 “Issuer”) 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.

The securities of the Issuer referred to in this section of the website (the “Securities”) have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state of the United States for offer or sale as part of their distribution and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.  The Securities have not been and will not be registered under the applicable securities laws of Australia or Japan, or any other jurisdiction in which it would be unlawful or would require registration or other measures, and therefore may not be offered or sold to or for the account or benefit of any person having a registered address in, or located or resident in, Australia, Japan or any other jurisdiction in which it would be unlawful or would require registration or other measures.

Access to the information contained on this portion of the website may be illegal in certain jurisdictions, and only certain categories of persons may be authorized to access such information and documents.  All persons who wish to have access to the documents contained in this section of Wendel’s website should first ensure that they are not subject to local laws or regulations that prohibit or restrict their right to access this section of the website, or require registration or approval for any acquisition of securities by them.  No such registration or approval has been or will be obtained.  Wendel assumes no responsibility if there is a violation of applicable law and regulations by any person.

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  4. I have read, understand and agree to comply with all of the restrictions set forth above.
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DISCLAIMER – IMPORTANT

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