- Stahl completed the carve-out of its wet-end leather chemicals business on 5 January 2026.
- The new independent company is named Muno and is majority-owned by Wendel.
- Stahl's strategic shift focuses on speciality coatings for flexible materials.
- The move aims to capture growth in performance and packaging coatings markets.
Carve-Out Completion
On 5 January 2026, Stahl finalized the carve-out of its wet-end leather chemicals business, which will now operate as an independent company named Muno, under the majority ownership of Wendel.
Strategic Transformation
This move concludes Stahl's multi-year strategic transformation, allowing the company to focus on its core strength in speciality coatings for flexible materials. By divesting its wet-end leather chemicals activities, Stahl aims to enhance its leadership in this sector.
Focus on Growth Markets
The separation enables Stahl to concentrate on high-growth segments such as performance coatings and packaging coatings. This strategic shift is designed to meet evolving customer needs and capture opportunities in dynamic markets driven by innovation, sustainability, and performance.
Leadership Perspective
According to Maarten Heijbroek, CEO of Stahl, the establishment of two independent companies will allow each to focus on its strengths and accelerate innovation in their respective fields. Stahl is now better positioned to drive progress in speciality coatings, while Muno will focus on wet-end leather chemicals.
