Stahl, headquartered in the Netherlands, announced today that it has signed an agreement with BASF to acquire its Leather Chemicals assets, part of BASF Performance Chemicals Division.
BASF will receive 16% of the equity of Stahl, which is a leading company in process chemicals for leather and performance coatings. The company intends to take over all activities of BASF Leather Chemicals business, including a manufacturing site in Spain and approximately 210 employees.
“These are exciting and challenging times for the chemical industry in terms of sustainability and innovation. We believe we can only make a real difference if we can work on a large scale within the industry”, Huub van Beijeren, CEO of Stahl, explained. “The signing of this agreement enables us to accelerate the process of creating a more transparent sustainable supply chain as we share the same vision on reducing the environmental footprint linked to our activities”.
“By combining our forces, we will have an even stronger product portfolio with more innovative solutions enabling us to serve our global clients even better”, van Beijeren continued.
BASF is one of the world’s leading chemical companies with approximately 114,000 employees. Stahl will take over the activities of the BASF Leather Chemicals business, including a manufacturing site in Spain. This business, with approximately 210 employees, offers leather chemicals for a broad range of industries such as automotive, apparel and accessories, home interior ,and leisure and lifestyle.
The closing is expected to be finalized in the fourth quarter of 2017 after the approval of the relevant authorities and after employee consultations. The combination of the two businesses generated pro forma [1] net sales of €850 million and EBITDA of more than €200 million in 2016.
[1] Excluding the pro forma impact of the 2016 acquisitions (Eagle Performance Coatings and Viswaat)
