The acquisition of the Glasgow-based wet glue, self adhesive spirit label printer is MCC's second in the city, following its purchase of pressure-sensitive spirit and wine label printer Labelgraphics in April 2012. MCC said that the addition of John Watson & Co would complement the former Labelgraphics business.

The US-based labels group, which employs 3,000 staff across 28 sites globally, has also announced the acquisition of Swiss-based wine label printer Gern & Cie. Both deals are expected to conclude on 1 October.

Multi-Color Corporation president and chief executive Nigel Vinecombe said: "These acquisitions strengthen our leadership position in the large European Wine & Spirit label markets. We are delighted that both management teams will continue to run the businesses, allowing the current owners, John Watson and Michel Quinche to retire."

John Watson was unavailable for comment at the time of writing.

Canada-based CCL Industries announced its proposed acquisition of John Watson & Co to the Toronto stock exchange on 20 November 2012. However, talks around the contractual terms of the sale agreement subsequently stalled and both parties jointly decided to terminate the discussions in late January 2013.

Multi-Color Corporation posted a pre-tax profit of $48.7m on net revenues of $659.8m for the 12 months to 31 March 2013. It's operating income for the same period was $70.7m.