- Stahl announced the carve-out of its wet-end business on 18 November 2024.
- The sale to Syntagma Capital was halted due to unfavorable market conditions.
- The new independent company will be branded as Muno, led by CEO Xavier Rafols.
- The carve-out is expected to be completed within the next few months.
Carve-Out Announcement
Stahl, a leader in speciality coatings, announced the completion of its wet-end business carve-out, initially intended for sale to Syntagma Capital. The decision to divest was first revealed on 18 November 2024.
Market Conditions Impact
Due to negative market conditions affecting business performance, Stahl and Syntagma Capital mutually agreed to exit the sale agreement. This decision allows Stahl to proceed independently with the carve-out.
Formation of Muno
The wet-end leather business will become an independent company under the new brand Muno, led by CEO Xavier Rafols. Muno will continue to offer innovative leather solutions globally.
Strategic Focus
Stahl's strategic shift towards a pure-play speciality coatings provider aims to enhance its focus on coatings for flexible materials, expanding into high-growth areas like performance and packaging coatings.
