Netherlands-based Airopack Technology Group (ATG) has entered an agreement to acquire Resilux's 50% share in Airolux for €25m.
ATG provides mechanical packaging systems, while Belgium-based Resilux produces polyethylene terephthalate (PET) preforms and bottles.
Airolux currently operates as a joint venture (JV) between Resilux and ATG.
With the acquisition, ATG will assume full ownership of the JV, which manufactures a plastic dispenser fitted with a compressed air chamber.
The firm aims to enhance its patented Airopack technology to provide faster and cheaper solutions for consumer goods companies.
ATG will repay Resilux's outstanding shareholder loans and financial debts of around €37m to Airolux.
The company will also enter a long-term agreement under which Resilux will be the first supplier of PET preforms to ATG.
ATG CEO Quint Kelders said: "This agreement allows us to accelerate on our strategy to further become a key supplier to fast-moving consumer goods companies.
"Our Airopack technology is well developed and ready to be used for large-scale production and various applications.
"Together with Apollo we can further revolutionise the packaging industry by making dispensers cleaner, safer and more cost effective."
The company is planning to begin two new Airopack Ready to Fill manufacturing sites in this year, one in North America and another in The Netherlands.
It serves various sectors including cosmetics, body care, pharmaceutical and food products.