Stahl withdraws from sale and launches wet-end spin-off Muno
17/11/2025
The divestment plan was originally communicated on November 18, 2024, as part of Stahl’s strategy to concentrate on speciality coatings and finishes. While an agreement had been in place with Syntagma Capital, weaker market conditions reduced the performance of the wet-end business and made the terms of the deal less favourable for Stahl, enabling both sides to step away from the transaction.
Stahl will now complete the carve-out itself. The new company, Muno, will be led by chief executive officer Xavier Rafols and will continue supplying wet-end solutions to leather manufacturers worldwide. Once the carve-out is finalised, the two businesses will operate independently.
The move supports Stahl’s long term plan to strengthen its position in speciality coatings for flexible materials. Although the company began in 1930 as a leather finishing specialist, it has shifted its focus in recent years toward performance coatings and packaging coatings. The creation of Muno is intended to give Stahl a clearer strategic path in these growth areas.
Chief executive officer Maarten Heijbroek said the carve-out is expected to be completed within the coming months and thanked the teams involved for their work during the transition.
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