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Netherlands headquartered chemical manufacturer Sthal announced it has completed the acquisition of BASF’s Leather Chemicals business, formerly part of the BASF Performance Chemicals Division.
The Dutch supplier of chemicals for leather, performance coatings and polymers, said it has taken over all activities of the BASF Leather Chemicals business, including around 210 positions and a production site in Spain.
“The chemical industry is changing at a rapid pace. To stay ahead of the game, we need a certain size to invest in the two key topics in our industry: next-generation innovations and sustainability. This acquisition enables us to respond even better to these challenges”, says Huub van Beijeren, CEO, Stahl.
According to Michael Costello, Director of Sustainability, Stahl, combining forces of the two leading chemical companies will lead to a stronger product portfolio, increased innovation power, more transparency in the supply chain and enhanced market opportunities.
The acquisition is said to be in line with Stahl’s growth strategy, which aims to expand the Company’s global presence via organic growth, technology acquisitions and partnerships. Stahl expects to generate total combined sales of €870 - 890 million and an EBITDA in the range of €200 - 210 million (estimated pro forma 2017). BASF received 16% of the equity of Stahl, which means the company stays closely involved and it ensures continuity of its activities in the leather chemicals industry.