Stahl completes acquisition of ICP Industrial Solutions Group

Waalwijk, March 16, 2023 – Stahl, a provider of coatings technologies headquartered in the Netherlands, has completed the acquisition of ICP Industrial Solutions Group (ISG), a leader in high-performance coatings for packaging and labeling applications. The acquisition reinforces Stahl’s position as the global leader in the field of specialty coatings for flexible substrates.

ICP Industrial offers a comprehensive portfolio of high-performance coatings used primarily in packaging and labeling applications, notably in the food and pharmaceutical sectors. ICP Industrial is primarily active in North America (close to 70% of sales), where it is a recognized technical leader. It also operates in Europe, under the “HiTech Coatings” brand name.

In addition to enhancing Stahl’s product offering and manufacturing capabilities, the acquisition stands to strengthen the company’s environmental, social, and governance (ESG) leadership position. The integration of ICP Industrial coating technologies (water-based and energy-cured[1]) will enable Stahl to support customers in their transition to more sustainable packaging.

With ICP Industrial reporting sales of approximately USD 140 million in 2022, the acquisition will bring Stahl’s annual sales beyond the EUR 1 billion mark, with an EBITDA margin above 20%.

Maarten Heijbroek, CEO of Stahl:Completing this important strategic acquisition is an important milestone for our organization. Stahl and ICP Industrial’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 ICP Industrial’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.”   

Stahl – Formulating the future

With headquarters in Waalwijk, the Netherlands, Stahl works with partners worldwide to develop and deliver the essential solutions behind everyday materials, including footwear, clothing, cars, and home furnishings. Supported by a global workforce of nearly 2,000, our technologies help these materials to perform better for longer, while reducing their environmental impact.


Stahl was established in 1930. Nearly a century later, we remain committed to securing better living for all by enabling high living standards within planetary boundaries. We have identified four areas of strategic importance to help us realize our goals: digital transformation, open innovation, renewable feedstocks, and sustainable development. By applying our efforts to these areas alongside our value chain partners, we can deliver more value for our employees, customers, investors, and society at large.

[1] Energy-cured coatings are recognized to provide significant advantages in terms of faster cure times, often improved coating properties, reduced Volatile Organic Compounds, waste, and energy consumption, and smaller manufacturing footprints.