Stahl announced that it will complete the carve-out of its wet-end leather business independently and will no longer proceed with its planned sale to Syntagma Capital. The company cited negative current market conditions that affected business performance and made the agreed sales terms less favorable. Stahl and Syntagma Capital have mutually agreed to exit the transaction.

Stahl will continue the carve-out to establish the wet-end leather chemicals business as an independent company under a new brand, Muno. The company will be led by CEO Xavier Rafols, and its leather experts will continue providing wet-end solutions to customers globally.

The original intent to divest the business was announced in November 2024 as part of Stahl’s ongoing shift toward becoming a pure-play speciality coatings and finishes provider. The separation supports Stahl’s strategy to focus on coatings for flexible materials and expand into high-growth areas such as performance coatings and packaging coatings.

“At Stahl, we will focus to strengthen our leadership in coatings for flexible materials. We believe in shaping a better world through responsible innovation,” said Maarten Heijbroek, CEO of Stahl. “The carve-out is expected to be completed within the next few months, at which point both businesses will operate as two fully independent companies. Separating global companies is a huge undertaking and I would like to thank everyone involved for their contributions.”

Founded in 1930 as a leather finishing company, Stahl continues to build on its heritage as it transitions its portfolio to align with evolving market demands. The company operates a global network of manufacturing sites, application laboratories, and sales offices supporting customers in sectors such as footwear, apparel, automotive, luxury goods, home furnishings, and packaging.