Mergers & Acquisitions
April 12, 2026
Q1 Urethane Related M&A
First Quarter Transactions
2/4/26
Stahl
(68.5% stake fromhttps://www.pnc.com/en/corporate-and-institutional/topics/specialty-segments/chemicals-and-plastics.html?WT.mc_id=CIB_Offline_0065
Wendel; 16.1% from
BASF SE; 14.6% from
Clariant AG)
Henkel AG & Co.
KGaA
EUR 2.1B –
- Henkel AG & Co. KGaA has agreed to acquire Stahl, a Netherlands-based producer of
high-performance specialty coatings for flexible materials, serving companies across
the automotive, fashion & lifestyle and packaging markets. Stahl’s portfolio consists
of leather finishing coatings, performance coatings as well as high-performance
paper packaging & graphics coatings. - “With the acquisition of Stahl, we will further strengthen our Adhesive Technologies
business unit in line with our strategic agenda for purposeful growth. It will enable us
to expand into the attractive adjacent category of specialty coatings with product
offerings in core as well as in new end-markets, driving further growth in our
Adhesive Technologies business unit.” said Henkel CEO Carsten Knobel. - Stahl employs approximately 1,700 people and generates annual revenue of EUR 725
million (2.9x EV / Revenue).
1/27/26
Universal Chemicals
and Coatings
PRO-SET
Formulated
Resin Systems
(Iron Path
Capital)
- –
- PRO-SET Formulated Resin Systems (“PFRS”) has acquired Universal Chemicals and
Coatings, an Illinois-based manufacturer of custom industrial coatings, laminating
adhesives and container linings. - This marks the third acquisition for PFRS, following its acquisition of Gougeon
Brothers, Inc. in May 2025 and Wessex Resins and Adhesives in December 2025.
Furthers PFRS’ strategy to build a global formulated resin systems business focused
on highly specified formulated products for fabricating, bonding, sealing, coating and
repair of advanced non-metallic and metallic composite structures for marine,
aerospace, defense, electronics and industrial applications.
1/22/26
Chemical business of
Kyocera Corporation
Sumitomo
Bakelite
Company Limited
$189M –
- Sumitomo Bakelite Company Limited has agreed to acquire the Chemical business of
Kyocera Corporation. Kyocera’s chemical business, based in Japan, manufactures
epoxy-resin molding compounds for encapsulation of semiconductor devices,
bonding pastes for semiconductor devices and resins for industrial use. - Enhances Sumitomo’s presence in the information & communications technology
industry.
1/14/26
Key Polymer
(DalFort Capital
Partners)
Seatex
(The Riverside
Company)
- –
- Seatex has acquired Key Polymer, a Massachusetts-based manufacturer of highperformance
adhesives, sealants and coatings for a diverse range of industries. - “Key Polymer is an excellent complement to the Seatex platform,” said Riverside
Partner Craig Kahler. “This represents our first follow -on acquisition since we
acquired Seatex in October 2024 and materially advances our plans to expand the end
market and geographic reach of the platform.”
3/19/26 Diversified Plastics
The Rubber
Group
(River Associates)
- –
- The Rubber Group has acquired Diversified Plastics (“DPI”), a Montana-based
precision plastic manufacturer offering urethane casting, thermoforming, machining
and injection molding. - “The combination is about growth. We are bringing together complementary
capabilities to better serve customers,” said Rob Pruyn, President, The Rubber
Group. “By combining rubber, plastics, and urethane capabilities, we can offer a
broader range of engineered solutions to both customer bases, and the cross-selling
opportunity is significant.” - DPI will now be known as Diversified Plastics Industrial Solutions.
February 4, 2026
Henkel to Acquire Stahl
Henkel to buy specialty coatings company Stahl in €2.1B deal
Feb. 04, 2026 7:02 AM By: Carl Surran, SA News Editor
Henkel said Wednesday it agreed to acquire Netherlands-based specialty coatings company Stahl Holdings for €2.1B (~$2.48B) including debt from private equity firm Wendel.
The German consumer goods company said the acquisition will help drive growth in its adhesive technologies business.
Minority shareholders BASF and Clariant, which together control more than 30% of Stahl, also will sell their stakes, Wendel (WNDLF) said.
Henkel’s deal for Stahl comes after the company recently said it would acquire ATP Adhesive Systems.
Executives have predicted a wave of consolidation in the chemicals industry, as companies struggle with weak demand, rising energy costs, tariffs and intense competition.
January 26, 2026
Henkel Acquires ATP
Henkel to Acquire ATP Adhesive Systems
PUdaily | Updated: January 23, 2026
Henkel to Acquire ATP Adhesive Systems – a leading expert in high-performance water-based specialty tapes
- Adhesive Technologies to expand product offering with complementary bonding solutions in fast-evolving dynamic markets
- Innovative player in high performance water-based technology with sustainable competitive advantage and strong value creation potential
- In addition to water-based tapes, access to advanced technological capabilities and expertise in hotmelt and solvent-based polymer tapes
- Adhesive Technologies to become a bonding solution provider beyond liquid adhesives offering additional value to its customers
Henkel signed an agreement to acquire Swiss-based ATP Adhesive Systems from Arsenal Capital Partners. ATP Adhesive Systems is a leading expert in high-performance water-based specialty tapes for a wide variety of end-markets, including automotive, electronics, medical, building & construction, and graphics applications. ATP Adhesive Systems has its presence in Europe and North America, employs around 700 employees and generated sales of around 270 million euros (expected) in fiscal year 2025.
“Expanding our portfolio through compelling, value-adding M&A transactions is an integral part of our purposeful growth agenda. This acquisition will enable further growth in our Adhesive Technologies business unit by increasing our offering and capabilities in the tapes market with a broader range of innovative bonding solutions. The portfolio of ATP Adhesive Systems represents a strong complementary and strategic fit for us. It also aligns with our sustainability targets, as more than 90 percent of the portfolio utilize water-based technologies with a low carbon footprint,” said Henkel CEO Carsten Knobel.
“With this acquisition, we will further strengthen our Adhesive Technologies business unit. The ATP Adhesive Systems business delivers a compelling portfolio of water-based specialty tapes with increasing use cases as a more sustainable alternative with low VOC (volatile organic compounds) levels and consequently driving growth well above the broader tapes industry. It also offers state-of-the-art production facilities and technological capabilities to further enhance our portfolio and to establish the foundation of a platform that extends beyond liquid technologies while accelerating innovation in sustainability”, said Mark Dorn, Executive Vice President and responsible for Henkel’s Adhesive Technologies business unit.
The acquisition is subject to customary closing conditions, including the receipt of regulatory approvals. At this point, the parties agreed to not disclose the financial terms of the transaction.
Source: Henkel
January 20, 2026
Somnigroup Update
Somnigroup to Engage in Discussions with Leggett & Platt
DALLAS, Jan. 20, 2026 /PRNewswire/ — Somnigroup International Inc. (NYSE: SGI, “Somnigroup”) today issued the following statement in response to the announcement by Leggett & Platt Inc. (NYSE: LEG) that its Board of Directors has authorized discussions and entered into a customary non-disclosure agreement to facilitate due diligence and discussions with Somnigroup:
“We welcome the Board’s willingness to engage in discussions with us and we look forward to conducting customary due diligence. Somnigroup remains committed to pursuing a transaction that will deliver substantial value to shareholders of both companies. However, as we advised Leggett & Platt in declining to revise our proposal in advance of customary due diligence, we believe that our proposed all-stock transaction for value of $12 per share, as previously announced on December 1, 2025, represents fair value for Leggett & Platt. Our proposal offers Leggett & Platt shareholders a 30% premium to the unaffected 30-day average price of Leggett & Platt’s shares as of that date, and an opportunity to participate in the future growth of the combined company.”
No assurance can be given that any transaction will be agreed or consummated, or the timing, price, terms or conditions of any such transaction.
Somnigroup does not intend to comment further on market speculation or to disclose any developments unless and until it otherwise deems further disclosure is appropriate or required.
Goldman Sachs & Co. LLC is serving as financial advisor to Somnigroup and Cleary Gottlieb Steen & Hamilton LLP is serving as its legal advisor.
Customary Approvals
Completion of the contemplated transaction is contingent upon reaching a definitive agreement and would be subject to the satisfaction of customary closing conditions, including receipt of Leggett & Platt shareholder approval and required regulatory approvals. The proposed transaction would not be subject to any financing contingencies or approval by Somnigroup’s shareholders.
Forward Looking Statements
This communication contains statements that may be characterized as “forward-looking,” within the meaning of the federal securities laws. Such statements might include information concerning one or more of Somnigroup’s plans, guidance, objectives, goals, strategies and other information that is not historical information. When used in this release, the words “assumes,” “estimates,” “expects,” “guidance,” “anticipates,” “might,” “projects,” “plans,” “proposed,” “targets,” “intends,” “believes,” “will,” “contemplates” and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements regarding Somnigroup’s proposal to acquire Leggett & Platt (including the benefits, results, effects and timing of a transaction) and any statements regarding Somnigroup’s (and Somnigroup’s and Leggett & Platt’s combined) expected future financial position, results of operations, cash flows, dividends, financing plans, business strategy, budgets, capital expenditures, competitive positions, growth opportunities and plans and objectives of management. Any forward-looking statements contained herein are based upon current expectations and beliefs and various assumptions. There can be no assurance that Somnigroup (or the combined company) will realize these expectations, meet its guidance or that these beliefs will prove correct.
Numerous factors, many of which are beyond Somnigroup’s control, could cause actual results to differ materially from any that may be expressed herein as forward-looking statements. These potential risks include general economic, financial and industry conditions, particularly conditions relating to the financial performance and related credit issues present in the retail sector, as well as consumer confidence and the availability of consumer financing; the impact of the macroeconomic environment in both the U.S. and internationally on Somnigroup; uncertainties arising from national and global events; industry competition; the effects of consolidation of retailers on revenues and costs; and consumer acceptance and changes in demand for Somnigroup’s products and the other factors discussed in Somnigroup’s Annual Report on Form 10-K for the year ended December 31, 2024. There may be other factors that may cause Somnigroup ‘s actual results to differ materially from the forward-looking statements. Somnigroup undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.
Additional Information
This communication relates to a proposal which Somnigroup has made for a business combination transaction with Leggett & Platt. In furtherance of this proposal and subject to future developments, Somnigroup (and, if a negotiated transaction is agreed, Leggett & Platt) may file one or more registration statements, proxy statements, tender offer statements, prospectuses or other documents with the Securities and Exchange Commission (the “SEC”). This communication is not a substitute for any proxy statement, registration statement, tender offer statement, prospectus or other document Somnigroup and/or Leggett & Platt may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF SOMNIGROUP AND LEGGETT & PLATT ARE URGED TO READ THE PROXY STATEMENT(S), REGISTRATION STATEMENT(S), TENDER OFFER STATEMENT(S), PROSPECTUS(ES) AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Any definitive proxy statement(s) or prospectus(es) (if and when available) will be mailed to stockholders of Somnigroup and Leggett & Platt, as applicable. Investors and security holders will be able to obtain copies of these documents (if and when available) as well as other filings containing information about Somnigroup and Leggett & Platt, free of charge on the SEC’s website at www.sec.gov. Those documents, when filed, as well as Somnigroup’s other public filings with the SEC, may be obtained free of charge on Somnigroup’s website at www.somnigroup.com.
Somnigroup and its directors, executive officers and certain other members of management and employees may be deemed to be participants in any solicitation with respect to the proposed transaction under the rules of the SEC. You can find information about Somnigroup’s executive officers and directors in Somnigroup’s definitive proxy statement filed with the SEC on March 31, 2025. Additional information regarding the interests of such potential participants will be included in one or more registration statements, proxy statements, tender offer statements, prospectuses or other documents filed with the SEC if and when they become available. You may obtain free copies of these documents using the sources indicated above.
This communication shall not constitute an offer to sell, buy or exchange or the solicitation of an offer to sell, buy or exchange any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
About Somnigroup
Somnigroup (NYSE: SGI) is the world’s largest bedding company, dedicated to improving people’s lives through better sleep. With superior capabilities in design, manufacturing, distribution and retail, we deliver breakthrough sleep solutions and serve the evolving needs of consumers in more than 100 countries worldwide through our fully-owned businesses, Tempur Sealy, Mattress Firm and Dreams. Our portfolio includes the most highly recognized brands in the industry, including Tempur-Pedic®, Sealy®, Stearns & Foster®, and Sleepy’s®, and our global omni-channel platform enables us to meet consumers wherever they shop, offering a personal connection and innovation to provide a unique retail experience and tailored solutions.
We seek to deliver long-term value for our shareholders through prudent capital allocation, including managing investments in our businesses. We are guided by our core value of Doing the Right Thing and committed to our global responsibility to protect the environment and the communities in which we operate. For more information, please visit www.Somnigroup.com.
January 13, 2026
Arclin to Purchase Willamette Valley
Arclin Expands Presence with Strategic Acquisition of Willamette Valley Company
December 18, 2025, 6:27 AM ET
ALPHARETTA, Ga., Dec. 18, 2025 /PRNewswire/ — Arclin, a leading material science company, announced that it has entered into an agreement to purchase Willamette Valley Company (“WVCO”), a manufacturer and distributor of a wide variety of custom products and services in the wood products, railroad, concrete repair, transportation, infrastructure and consumer products segments.
“We are thrilled to welcome Willamette Valley Company to our organization,” said Bradley Bolduc, Arclin’s CEO. “Their innovative technologies and product portfolio perfectly complement our business, creating a beneficial combination for our customers. With a shared commitment to quality across wood products, this acquisition positions us to deliver even greater value and expand opportunities across the segments we serve,” said Bolduc.
The acquisition of WVCO is a pivotal step in extending Arclin’s materials science capabilities into engineered repair systems, specialty adhesives, and infrastructure solutions where performance-critical polymers and formulations are central to customer outcomes. The acquisition will add eight manufacturing facilities and approximately 500 new team members to Arclin’s existing 1,200-person team.
“The acquisition represents a highly strategic move with clear operational efficiencies,” said Mark Glaspey, Arclin’s President. “By combining our capabilities, we will deliver a broader portfolio of solutions to our customers, while expanding geographic reach and unlocking new growth opportunities.”
“The decision to sell Willamette Valley Company to Arclin represents a natural progression for our business,” said John Murray, WVCO’s President and CEO. “Arclin’s world-class operational framework will accelerate our product innovation and drive sustainable growth. Combining Arclin and WVCO’s deep technical expertise, broad knowledge base and ability to rapidly deploy resources will be instrumental in driving our growth strategy. Joining Arclin is an exciting opportunity for our team and we’re eager to drive the business forward,” Murray added.
About Arclin
Arclin is a leading materials science company and manufacturer of polymer technologies, engineered products and specialized materials for the construction, agriculture, transportation infrastructure, weather & fire protection, pharmaceutical, nutrition, electronics, design and other industries. Headquartered in Alpharetta, Georgia, Arclin has offices and manufacturing facilities throughout the U.S., Canada, U.K., and manufactures for customers worldwide. For more information, visit www.arclin.com.
About Willamette Valley Company
Founded in 1952, the Willamette Valley Company is an engineered solutions provider specializing in a broad array of chemistry and application systems. WVCO is a multinational corporation that manufactures and distributes a wide variety of custom products and services around the globe. While their roots are in the wood products industry, their expertise and solutions encompass innovative railroad tie repair solutions, concrete repair systems, patching, fillers, adhesives, robotics, engineering and more across dozens of industries. For more information, visit https://wilvaco.com
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