The factory is part of a global company with sites around the world including the US, Europe and Australia.

With a global annual revenue of about £2.4bn the company is an industry leader in labelling, but that comes with a boardroom objective to cut costs and increase profits.

The closure of the Cwmbran site is a huge blow to the workforce and the wider community, with the letter to staff implying that its Welsh operation was no longer viable.

MCC’s broader “growth strategy” involves expanding operations in Poland and Romania, and it has sites in more than 25 other countries with a workforce in excess of 12,000 people.

Attempts to boost growth in the UK will require more companies to expand their operations here, rather than shut them down.

As the Welsh government prepares to host an investment summit later this year, the impact of MCC’s closure will prompt questions about the trading conditions in Wales and the support available to any new business wanting to invest.