International. Stahl, a supplier of coating technologies, completes the acquisition of ICP Industrial Solutions Group (ISG), a supplier of high-performance coatings for packaging and labeling applications.
The acquisition reinforces Stahl's position as a world leader in the field of specialty coatings for flexible substrates.
ICP Industrial offers a complete portfolio of high-performance coatings that are primarily used in packaging and labeling applications, especially in the food and pharmaceutical sectors.
ICP Industrial operates primarily in North America (close to 70% of sales), where it is a recognized technical leader. It also operates in Europe, under the brand name "HiTech Coatings".
In addition to enhancing Stahl's product offering and manufacturing capabilities, the acquisition strengthens the company's environmental, social and governance (ESG) leadership position.
The integration of ICP Industrial's coating technologies (water-based and energy curing) will enable Stahl to support customers in their transition to more sustainable packaging.
With ICP Industrial reporting sales of approximately $140 million in 2022, the acquisition will see Stahl's annual sales exceed the € billion mark, with an EBITDA margin of over 20%.
Maarten Heijbroek, CEO of Stahl, said: "Completing this important strategic acquisition is an important milestone for our organisation. Stahl and ICP Industrial's product and technology focus are highly complementary, and the acquisition will enhance our growth profile, diversify our target markets and broaden our technology base."
"In addition, integrating ICP Industrial's expertise and range of innovative low-impact solutions into our portfolio will add more value to our stakeholders as we work to create a more sustainable coatings value chain," added Heijbroek.
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