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Keep reading...Change of course for Stahl. A year ago, it announced the sale of its wet end Division to European investment fund Syntagma Capital, now announces that it is renouncing the agreement and intends to proceed independently with the separation of its leather-related activities.
The decision is linked to the current negative market conditions, which have made the terms of sale less favorable for Stahl, which has therefore chosen to withdraw from the agreement.
The new plan is for Stahl’s wet end Division to become a completely independent company operating under a new brand name, Muno. It will be led by CEO Xavier Rafols, currently head of Stahl’s Leather Chemicals group, who will lead the team of leather industry experts in continuing to support customers worldwide with innovative solutions.
The spin-off is expected to be completed in the coming months, after which both companies will operate as completely independent entities.
By separating the businesses, Stahl intends to double its efforts on coatings for fast-growing sectors such as high-performance materials and packaging. At the same time, it offers Muno a fresh start as an independent company in the leather processing chemicals sector.
