Stahl releases 2009 figures
31/03/2010
Specialty leather chemical provider Stahl has announced sales figures for 2009 of EUR 253.5 million.
This represents a decline of 14.2% compared to 2008, but on March 3, Stahl announced that its parent company, French private equity group Wendel, had increased its shareholding to 92%, by purchasing Carlyle’s shareholding and contributing EUR 60 million.
As a result of the restructuring, Stahl's debt has now reduced from EUR 350 million to EUR 195 million, while senior lenders have provided a new EUR 25 million working capital facility.
Stahl said it had experienced "a progressive recovery in trading and profitability since 2008, with a particularly strong fourth quarter of 2009 and a promising start to 2010", and that the restructuring would support the company's growth globally.
On releasing the annual results of all the companies in its group, Wendel pointed out that the first quarter of 2009 had been the low point for Stahl because of the downturn in demand for leather from manufacturers of cars, furniture, footwear and leathergoods. In the second half of 2009, Stahl’s performance was better by 10.7% than in the second half of 2008.
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