The deal, which was announced in May, closed last Thursday (15 September), after regulatory clearances.

AMC employs over 300 people and has two production sites, in Kaltenkirchen and Hagenow.

UPM Raflatac said it expects to realise “significant synergies” through the acquisition, and that the deal will accelerate its growth and expand its product portfolio.

New product areas for UPM will include Viscom/Graphics materials, which are currently sold under the Intercoat brand, and removable self-adhesive products under the brand names Global Notes and Print Inform.

The deal will also strengthen UPM Raflatac’s position in central Europe.

“We are pleased that the transaction has now been closed and we can start growing together in the attractive specialty packaging value chain and offer an even stronger product portfolio to our customers,” said Antti Jääskeläinen, executive vice president of UPM Raflatac.

Part of UPM, the business employs around 3,000 people and recorded sales of €1.7bn (£1.49bn) in 2021. It offers high-quality paper and film label stock for branding and promotion, informational labels, and labels with functionality.

UPM Raflatac was involved in the long-running strike action at UPM’s Finnish mills earlier this year. Kicking off on 1 January, it was eventually resolved over 100 days later on 22 April.