Former Stahl wet-end chemicals division launches as Muno
Wet-end leather chemicals developer Muno formally launched on January 5.
Chief executive, Xavier Ràfols, said Muno, which is the result of Stahl’s decision to spin off its wet-end division, had immediately become “a global leader in wet-end leather solutions”.
He said the new company would offer the global leather sector “technical excellence, innovation and sustainability”.
Stahl announced its intention to divest its wet-end chemicals division in November 2024. It said it wanted to concentrate on chemicals for leather finishing, as well as on its specialty coatings business.
The original plan was for Syntagma Capital, a private equity firm based in Brussels, to acquire Stahl’s wet-end division. However, in November 2025, both parties decided to step away from the deal, owing to weak market conditions.
Right away, Stahl said it would continue with the plan to separate out its wet-end business and the divested division would run as an independent company, Muno.
The new company’s main production sites and research and development activity will be in Italy and India, supported by a network of sales offices and application laboratories in different parts of the world. It starts with a team of more than 450 people.
