Japanese can and plastic bottle manufacturer Toyo Seikan Kaisha is set to acquire US can-making machinery firm Stolle Machinery in a deal worth JPY59.7bn ($775m).

The company claimed to have reached a deal to buy Stolle from major shareholder GSO Capital Partners.

Toyo Seikan said the acquisition will help it expand overseas and make it into a can and machinery production company.

Stolle, a former subsidiary of aluminium giant Alcoa, supplies two-piece can and end-making machinery for the global can making industry.