Cumbria-based Innovia, which makes most of the world’s polymer banknotes (including the new UK £5 note), has been bought by Canadian firm CCL Industries for £680 million.

The company, which was owned by a group of UK private-equity investors, received media coverage recently when it emerged that the new £5 note contains a small amount of animal fat, resulting in a 132,000-strong petition.

CCL Industries, which specialises in label and package making, said that buying Innovia will make it a world leader in the polymer banknote market.

Innovia chief executive Mark Robertshaw said that CCL will be “an excellent long-term owner” and that there is a good fit between the two firms.