An agreement was signed on 27 April but the acquisition was only completed on Monday. Avery bought the European business of the company from California-based private equity firm Platinum Equity.

Avery senior business director of Graphics Solutions Shaun Hobson said: “For the past three months, a cross-business and cross-functional team has been busy ensuring a smooth transition. We are well placed to combine the best elements of both companies and working relationships have been excellent.

“It enhances our competitiveness in high-value graphics, where we have sustained above-average growth over the past few years and an expanded manufacturing footprint and more extensive R&D capabilities will deliver long-term benefits."

Platinum Equity will retain ownership of the Mactac business in the US, Canada and Mexico, an area in which Hobson said Avery and Mactac will continue to compete.

Avery will take charge of Mactac’s manufacturing facility in Soignies, Belgium, along with nine other sites in Europe, including its UK base in Northampton. There are no plans to close any manufacturing locations or make changes to staffing levels.

“The production facility in Soignies is complementary to the industrial footprint of Avery and we will ensure the best possible use of our combined manufacturing assets,” said Hobson.

Avery Dennison manufactures and distributes adhesive materials, branding labels, tags, RFID inlays and speciality medical products. It has offices in more than 40 countries. 

In April, it claimed to be the first company to produce a coloured cast overlaminate film designed specifically for vehicle wraps.

Hobson added: “We are looking forward to integrating as one company, working together as one team, with access to advanced technologies, manufacturing knowhow, greater scale, new products and customers, and continuous investment."

Last year, Mactac turned over €147m (£124m). It manufactures self-adhesive label and graphics products for a wide range of industries.