US-based Avery Dennison has entered a definitive agreement to buy Mactac Europe from American private equity firm Platinum Equity for €200m.

The deal also includes Mactac Europe’s assumed debt.

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The company manufactures pressure-sensitive materials, including graphics, specialty labels and industrial tapes.

It has around 470 employees and recorded run-rate revenues of €147m at the end of 2015.

"We believe the combination of the two companies’ talented employee bases will create a stronger European team."

The deal is expected to complement Avery Dennison’s existing graphics portfolio with Mactac’s core product lines.

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The transaction excludes Mactac’s business in the US, Canada and Mexico and its North American exports.

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It is expected to completed within three months, subject to customary conditions and approvals.

Following the completion of the deal, Avery Dennison will maintain the Mactac brand for graphic films, building on its existing customer relationships.

The company will help expand Avery Dennison’s global presence with a manufacturing facility in Soignies, Belgium, along with sales offices and warehouses in Europe and Asia.

Through export sales, Mactac Europe also serves customers in South America, Asia Pacific, the Middle East, and North Africa.

Avery Dennison president and COO Mitch Butier said: "We have been very impressed with what Mactac’s team has accomplished and believe the combination of the two companies’ talented employee bases will create a stronger European team with expanded capabilities and growth opportunities.

"We plan to continue operating Mactac’s manufacturing facility in Soignies, Belgium and to make the facility and its people a key driver of Avery Dennison’s future innovation and growth in Europe."

The company has operations in over 50 countries and employs more than 25,000 people worldwide.