Industrial group Wendel has said it expects to make around €1.2 billion from the sale of leather chemicals manufacturer Stahl. Chemicals group Henkel announced in early February that it had reached an agreement to buy Stahl from Wendel.

The companies said the deal gave Stahl an enterprise value of €2.1 billion. Wendel said on reporting its full-year results that, after debts and transaction costs, the sale of Stahl will net it €1.2 billion.

It said this represented a multiple of more than 6.5 times the money Wendel had invested in Stahl since 2006. Wet-end chemicals spin-off Muno was not part of the deal with Henkel and remains under Wendel’s ownership.

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