What icp industrial does

Stahl Holdings B.V. is a global specialty coatings formulator headquartered in Waalwijk, Netherlands, with a heritage dating to 1930. The company operates three business units — Performance Coatings, Leather Finishing, and Packaging Coatings — supplying water-based, energy-cured (UV/LED/EB), polyurethane dispersion, and proprietary carbodiimide crosslinker chemistries (Hypac®, RelcaLink®, RelcaLink® HX-1, Syncros™) to automotive OEMs and Tier 1 suppliers, fashion and luxury brands, packaging converters, and technical textile producers. Stahl runs 17 manufacturing sites, 13 R&D centers, 35 application labs, and 9 Centers of Excellence across more than 70 countries, with nearly 2,000 employees worldwide.

The company makes money primarily through direct enterprise sales of formulated coatings and adhesives, with quote-based pricing tied to customer specifications and customized co-development. The vertical go-to-market organizes sales around automotive, packaging, fashion and luxury, industrial, and technical textiles end markets, supported by dedicated technical service staff and application laboratories that run qualification and pilot work alongside customers. Recurring revenue is implicit in the qualification cycle for OEM and FMCG supply chains, though contracts are not publicly disclosed. Service offerings such as Stahl Campus® (training) and Stahl Design Studio® (trend research) extend the relationship beyond pure product sales.

In January 2026, Stahl completed the carve-out of its wet-end leather chemicals business into a standalone company named Muno, consolidating the business around higher-margin specialty coatings. The portfolio is majority-owned by French long-term investment company Wendel (since 2006), with BASF holding a non-executive board seat. Recent strategic activity includes the 2023 acquisition of ICP Industrial's packaging coatings business (ISG), the 2024 acquisition of Weilburger Graphics GmbH, a June 2026 agreement to acquire Weilburger Graphics Brazil, and continuous product launches including RelcaLink® HX-1 (2025) and Repura™ barrier coatings (May 2026). The company reports financials through Wendel, and revenue is not publicly disclosed.

Name

icp industrial

Legal name

Stahl Holdings B.V.

Website

https://icpindustrial.com

Company type

Private

Founded year

1930

Operating status

Operating

Short description

Stahl is a global specialty coatings formulator serving automotive, fashion and luxury, packaging, and technical textile customers with proprietary water-based, energy-cured, and carbodiimide crosslinker chemistries across 70+ countries.

Ownership category

akta.pro rank

Product category

Specialty Industrial Coatings

NAICS

Paint, Coating, and Adhesive Manufacturing (3255)

SIC

Paints, Varnishes, Lacquers, Enamels & Allied Prods (2851)

akta.pro primary industry

Industrial & Protective Coatings (IMAEAGAB)

Keywords

• Specialty coatings
• Industrial adhesives
• Silicone release products
• Packaging materials
• Label adhesives

Headquarters

HQ city

Itasca

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Speciality Coatings Product Sales: Stahl generates revenue through the sale of speciality coatings for flexible materials across three business units: Leather Finishing, Performance Coatings, and Packaging Coatings. Products include water-based coatings, energy-cured coatings, crosslinkers, polyurethane systems, and sustainable coating solutions.
2. Technical Services and Support: Revenue generated from technical knowledge transfer, regulatory expertise, training programs, and application support services provided to customers.
3. Customized Coating Solutions: Collaborative development and supply of tailor-made coating solutions that meet individual customer needs through close cooperation and technical partnership.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

ICP Industrial develops specialty coatings, adhesives, and silicone release products for the packaging, labeling, and graphic arts industries. The company formulates and supplies these industrial chemical products to converters and printers requiring high-performance material solutions for production applications.

Product overview

Stahl is a global provider of speciality coatings for flexible materials organized into three core business units: Performance Coatings, Leather Finishing, and Packaging Coatings. The Performance Coatings unit offers solutions including RelcaLink® carbodiimide crosslinkers, PermUCell™ water-based coagulation, Stahl Integra® flame-retardant technologies, Stahl Stay Dry water-repellent coatings, Stahl Stay Silent® noise suppression coatings, and Polymatte® matte coatings. The Leather Finishing unit provides coatings for automotive, fashion, footwear and interiors, including Syncros™ sustainable crosslinkers, Stahl Ympact® renewable carbon products, and Stahl Neo® low-impact solutions. The Packaging Coatings unit delivers high-performance coatings for graphic arts and industrial customers with products such as Sensora® haptic coatings, Hypac® crosslinkers, Repura™ barrier coatings, NuVera® renewable carbon solutions, and Picassian® resins and binders. Stahl also provides services through Stahl Campus® education programs and Stahl Design Studio® trend research services.

Differentiator

Problem solved

Functional benefit

Brands

• Hypac®: Innovative range of ultrafunctional crosslinkers for packaging coatings, designed to elevate performance and durability while maintaining sustainability and safety standards.
• RelcaLink®
• Sensora®
• NuVera®
• Picassian®
• Senolith®
• Repura™
• Stahl Integra®
• Stahl Campus®
• PolyMatte®
• Stahl Stay Clean®
• Stahl Stay Silent®
• Relca®
• RelcaBond®
• RelcaDur®
• RelcaSil®
• Stahl EVO®
• Permaqure®
• Permuthane®
• Permutex®
• PermUCell™

Products and services

• Specialty Coatings Specialty coatings developed by ICP Industrial for use in the packaging, labeling, and graphic arts industries.
• Industrial Adhesives Adhesives developed by ICP Industrial for use in the packaging, labeling, and graphic arts industries.
• Silicone Release Products Silicone release products developed by ICP Industrial for use in the packaging, labeling, and graphic arts industries.

Quantifiable outcome

• 2,161 products with ZDHC MRSL 3.1 Level 3 certification representing approximately 70% of Stahl's total sales revenue
• +4 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• CEFLEXcoreStrategic or Co-development Partner · 1 January 2024Collaborative European initiative working to make all flexible packaging fully circular and in line with PPWR. Stahl joined CEFLEX to advance sustainability and innovation across the packaging coatings value chain.
• Renewable Carbon Initiative (RCI)coreStrategic or Co-development Partner · 1 January 2020Founding member of RCI aiming to support and speed up the transition from fossil carbon to renewable carbon for all organic chemicals and materials. Stahl actively contributes to de-fossilisation efforts.
• GO!PHA (Global Organization for PHA)coreStrategic or Co-development PartnerNon-profit alliance promoting the development and adoption of polyhydroxyalkanoates (PHAs) - naturally occurring bio-based polymer. Stahl contributes to advancing PHA technology and practical applications as part of over 60 stakeholders.
• Leather Working Group (LWG)coreStrategic or Co-development PartnerGlobal multi-stakeholder community committed to building a sustainable future with responsible leather. Stahl participates in initiatives for supply chain traceability, resource efficiency, and improved chemical management.
• ZDHC FoundationcoreStrategic or Co-development PartnerMulti-stakeholder organisation of over 320 signatories from fashion, garment and footwear industries. Stahl is committed to full ZDHC conformance and actively participates in Chemicals to Zero program.
• TEGEWAminorStrategic or Co-development PartnerGerman association of speciality chemicals for textile and leather treatment. Stahl is active participant in chemicals management topics and has representation on the TEGEWA Board.
• University of LleidaminorStrategic or Co-development PartnerCollaboration with University of Lleida, Campus Igualada in Spain for Postgraduate Certificate in Advanced Leather Finishes for Automotive Interiors. Combines industry expertise with academic excellence.
• University of NorthamptonminorStrategic or Co-development PartnerAcademic partnership for Automotive Leather Finishing Postgraduate Certificate course. Students receive postgraduate certificate from University of Northampton upon completion.
• Wageningen University & ResearchminorStrategic or Co-development PartnerResearch and educational partnerships with leading European universities for transparency, corporate social responsibility and sustainability projects.
• PRODISminorOthersAssociation helping with integration of people with mental health issues. Stahl Spain cooperates with PRODIS for rose preparation for Saint George's Day and Christmas gifts, demonstrating commitment to social responsibility.
• Binomis L' HeuraminorOthersLabour inclusion service helping people with functional disabilities join the labour market through Supported Work methodology. Stahl Spain has a Binomis colleague on staff.
• EPIC Consortium (TKI-funded)minorStrategic or Co-development PartnerThree-year TKI-funded initiative supported by Dutch government. Stahl contributes to developing innovative emulsion polymers designed for improved circularity and bio-based coating materials.

Scale indicators9 records

Recent moves16 records

Expansion highlights12 records

Broad incumbents

• H.B. Fuller: H.B. Fuller is a global specialty adhesives manufacturer serving packaging, labeling, and converting customers — comparable to ICP Industrial's adhesives business.
• Shin-Etsu Chemical: Shin-Etsu is a major global silicones supplier producing release coatings and liner materials for pressure-sensitive labels — comparable to ICP Industrial's silicone release segment.
• Wacker Chemie: Wacker is a leading global silicones producer including silicone release coatings for labels and graphic films — directly comparable to ICP Industrial's silicone release business.
• Henkel (Adhesive Technologies): Henkel's Adhesive Technologies division is a global leader in industrial adhesives including for packaging and labeling — broad incumbent with overlapping capability in ICP Industrial's adhesives product line.
• Dow (Dow Inc.): Dow produces silicone release coatings and related specialty materials for labels and packaging liners — directly comparable to ICP Industrial's silicone release product line, but at much larger scale.

Regional players

• Sakata INX: Sakata INX is a leading producer of printing inks and coatings for packaging and labels with strong Asia-Pacific presence — comparable end-market focus to ICP Industrial but operating predominantly outside North America.

Direct peers

• Sun Chemical (DIC): Sun Chemical is one of the largest producers of printing inks and packaging coatings globally, serving graphic arts and packaging converters in the same end markets as ICP Industrial.
• Michelman: Michelman develops water-based barrier coatings and surface treatments for packaging and labeling — closely comparable specialty coatings focus to ICP Industrial's product portfolio.
• Flint Group: Flint Group supplies inks and coatings for packaging and label printing — directly comparable specialty coatings portfolio for the same customer segments as ICP Industrial.
• ACTEGA (ALTANA): ACTEGA develops specialty coatings, inks, and adhesives for packaging and graphic arts — directly comparable product categories and customer base to ICP Industrial.

Market position

Strengths3 records

Weaknesses3 records

Competitive moat5 records

Key risks3 records

Key highlights4 records

Customer concentration

• Facebookfacebook.com/icpindustrial

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about icp industrial