On July 14, 2004, Stahl Holdings BV acquired control over the Spanish Group Pielcolor which in-cludes all the shares of Pielcolor SA and Desarrollo y Control Logístico SL as well as the majority stake of Picassian SL. Stahl are one of the world’s leading suppliers of leather processing products and have a strong position in other selected market niches.

The company, with headquarters in Waalwijk, the Netherlands, operate nine manufacturing sites worldwide, have 26 strategically located technical service laboratory facilities with dedicated techni-cal experts based at the application laboratories in order to offer top-level local custom-made service wherever leather is being processed throughout the world. After having been part of American and British companies, Stahl became independent in January 2002 through a leveraged buy-out under the direction of Investcorp.

Pielcolor SA were founded in 1977 and have two production sites located in the vicinity of Barce-lona (Spain). The company have grown steadily as a supplier of chemical products for leather fin-ishing, which has led them to multiply turnover and production rapidly. The Company boosted their exporting activity, with a business presence in over 30 counties. They have joint ventures in Uruguay, Brazil, China and Mexico. Although the Company initially focused exclusively on the leather sector, they have controlled Picassian since 1988 which produces water based polymers for the leather and other coating sectors. In their modern premises north of Barcelona the company have experienced a promising growth over the past few years.

Since their incorporation, Pielcolor have belonged to a leading industrial group, which produces machinery for the chemical industry, and to a group of technicians and experts of the leather indus-try, who manage the company and are in charge of the strategy.

This acquisition gives Stahl economic and legal control over the Pielcolor Group. The aim is to keep the Pielcolor Group organisation independent from the Stahl business with their own strategy, trade name and trademark. Pielcolor will also keep their organisation and management team. This structure will help both brands to enhance the mutual benefits arising from their experience and technology.