Honorable Mention Stahl

2024 Coatings Sales: $790.54 million (€759 million)

Waalwijk, Netherlands

CEO: Maarten Heijbroek

www.stahl.com

Stahl is a world leader in specialty coatings for flexible materials, serving markets such as automotive, apparel, luxury goods, footwear, packaging and home furnishings. Headquartered in the Netherlands with operations worldwide, Stahl provides functional, durable and sustainable solutions that enhance the performance and feel of coated fabrics, leather, elastomers, paper, films and bio-based substrates.

Stahl employs over 2,000 people across 15 global manufacturing sites, and operates 35 application labs, 9 centers of excellence and 4 campus locations. In 2024, 60% of Stahl’s sales came from ZDHC Level 3 certified products. The company holds a Platinum rating from EcoVadis and maintains 100% Living Wage compliance.

In 2024, Stahl reported total sales of €930.2 million, a 1.8% increase from 2023, supported by strategic acquisitions and resilience across its diversified markets. The company achieved an EBITDA margin of 22.2%. In November 2024, Stahl announced the sale of its Wet-end leather chemicals division, finalizing its transformation into a pure-play coatings formulator. Pro forma sales for 2024, factoring in this divestiture and the Weilburger Graphics GmbH acquisition, stand at approximately €759 million with an EBITDA margin of 23.7%.

Parent company: Wendel Group (68.1% ownership; €225 million invested; acquired in 2006)

Source: Company website, annual report

Notes: In January 2024, Stahl announced the launch of its new visual brand identity, marking an important step in the company's strategic journey. 

In March 2024, Stahl signed an exclusive licensing agreement with Barriertec, a provider of sustainable high-performance barrier solutions for paper and cardboard packaging.