Sun Chemical said the acquisition, which will include the transfer of all products, inventory and technology relating to Flint Group’s European publication gravure products, reflects its continued dedication to supporting this sector. The value of the deal was undisclosed.

Sun Chemical chief marketing officer and board member Felipe Mellado said: “The acquisition of Flint Group’s publication gravure ink business reaffirms our commitment to this sector and will enable us to further strengthen and enhance the performance of our own publication gravure plants.

“We pride ourselves on our high level of quality and customer service and, after completion of the transaction, will work alongside Flint Group to ensure a smooth and seamless transition of operations, ensuring customers are fully supported.”

Mellado added the acquisition of the Flint Group division was “a clear choice” because the market is shrinking and consolidation was needed.

“We looked at many options and opportunities and this one was conceded as ideal.

“The transfer of additional production to our plants will enable us to increase efficiency and productivity.”

Flint Group said its decision to sell its European publication gravure business is inline with its long-term strategy to increase focus on its core web offset markets.

General manager of Flint Group's Print Media Europe division Tony Lord said: “We are pleased to have reached this agreement with Sun Chemical - securing the long-term supply for our publication gravure customers in Europe."

Sun Chemical has not taken on any Flint Group employees but said it may look into employing some of its technicians or service staff at a later date.

Mellado said completion of the sale is expected in around a month’s time but it is subject to customary closing conditions, including the approval of the competition authorities.

Until the approval is granted Sun Chemical and Flint Group will continue to manage their European publication gravure businesses independently without impact on customers, employees or suppliers.

Sun Chemical, a member of the DIC group, produces printing inks, coatings and supplies, pigments, polymers, liquid compounds, solid compounds, and application materials. Together with DIC, Sun Chemical has annual sales of more than $7.5bn (£5.7bn) and over 20,000 employees worldwide.