Stahl divests wet-end chemicals business

Stahl, global leader in speciality coatings for flexible materials, announced yesterday the divestment of its wet-end leather chemicals business to an affiliate of Belgian investment firm Syntagma Capital. “This transaction marks another step in Stahl’s transformation into a company fully focused on the formulation of specialty coatings for flexible materials,” explains Maarten Heijbroek, CEO of Stahl. “The divestment of our wet-end chemicals business completes this transformation.”
The transfer of ownership of the wet-end leather chemicals business, Stahl explain, affects 428 employees and includes the entire wet-end product portfolio, along with production facilities located in Italy (headquarters) and India.
On the other hand “Leather finishing is Stahl’s proud heritage and remains core to Stahl’s growth strategy”. The Stahl Leather Finishing business will be led by Andrea Ceretta, appointed Stahl Group Director Leather Finishing, who has been working in the global leather industry for over 20 years. 
Xavier Rafols, CEO of the company acquiring the wet-end division from Stahl, comments, “Our newly independent company combines over a century of expertise with the dynamism of a start-up. We’re building our business on the core values of integrity, excellence, agility and courage. Through innovation, sustainability and expertise, we will deliver solutions that help our clients face today’s challenges and tomorrow’s opportunities. In this way, we are not simply a solutions provider but an end-to-end partner nurturing bonds that last. We look forward to continued collaboration with stakeholders across the value chain to drive progress in the leather industry.” 
The proposed transaction, which is subject to customary closing conditions, including the information and consultation of works councils and other regulatory approvals, is expected to be completed in the first half of 2025.