Stahl has completed the acquisition of ICP Industrial Solutions Group (ISG). ISG offers a portfolio of high-performance coatings used primarily in packaging and labeling applications, notably in the food and pharmaceutical sectors. ISG is primarily active in North America (close to 70% of sales). It also operates in Europe, under the HiTech Coatings brand name.

In addition to enhancing Stahl’s product offering and manufacturing capabilities, the company says the acquisition stands to strengthen its environmental, social, and governance (ESG) leadership position. The integration of ISG coating technologies (water-based and energy-cured) will enable Stahl to support customers in their transition to more sustainable packaging. With ICP Industrial Solutions Group reporting sales of approximately $140 million in 2022, the acquisition will bring Stahl’s annual sales beyond the €1 billion mark, with an EBITDA margin above 20%.

“Completing this important strategic acquisition is an important milestone for our organization,” said Maarten Heijbroek, CEO of Stahl. “Stahl and ISG’s product focus and technologies are highly complementary, and the acquisition will enhance our growth profile, diversify our target markets, and broaden our technology base. Moreover, integrating ISG’s expertise and range of innovative low-impact solutions into our portfolio will add further value to our stakeholders as we work to create a more sustainable coatings value chain.”

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