Morgan Stanley is advising UPM-Kymmene, the Finnish paper company, on an acquisition for the first time.

The US bank is working for the company on its $420m (€428m) acquisition of MACtac from US packaging group Bemis. MACtac manufactures pressure sensitive materials, and last year the business had a turnover of about $500m. The deal is designed to reinforce UPM-Kymmene's Raflatac business, which produces self-adhesive labelstock. Goldman Sachs is advising Bemis.