One of the leading RFID tag and inlay makers UPM Rafsec, which is owned by paper giant UPM-Kymmene Corp, has merged with pressure-sensitive labelstock maker Raflatac.
The two Finland-based companies have taken the new name UPM Raflatac and would continue to focus on their core businesses, according to a press release.
Raflatac is already a major global player, and bringing in new-generation RFID products under the same umbrella further strengthens the prospects for growth, said Heikki Pikkarainen, who becomes president of the new company.
UPM Raflatac employs about 2,300 workers and has combined annual revenues of a little more than $1bn.
Terms of the deal were not disclosed.