New owner for ICP Industrial Solutions Group
15 Feb 2023 10:00

Dutch coatings specialist Stahl is to acquire ICP Industrial Solutions Group (ISG).

US-based ISG is currently part of the ICP Group. The unit has sales of around $140m (£115.76m) and makes high-performance coatings using in packaging and labelling.  Most of its sales are in the North American market. 


Stahl said the buy would propel its turnover beyond €1bn (£884m) “with an EBITDA margin above 20%”.

CEO Maarten Heijbroek commented: ISG is a strong strategic fit for Stahl, given the complementary nature of our business models, technologies, and footprints. The acquisition will enhance Stahl’s growth profile, diversify our target markets, and broaden our technology base.

He said that specialty coatings now made up around 75% of group sales. The business has secured a $580m financing facility to fund this buy and for future growth. Stahl’s product range spans a number of markets and includes polymers and binders used in print and packaging, and technical textiles. It has 11 manufacturing sites worldwide, five of which are on the continent. The group expects the deal to complete in Q1. 

Last year ISG was sued by materials science firm HeiQ for breach of contract regarding the agreement between the two firms for the use of HeiQ’s Viroblock technology in graphic arts coatings for printing processes. HeiQ has not issued any updates on the matter since. 

Prepared on the basis of information from Print Week