Ulster Carpets are to begin a £30 million modernisation and expansion programme at their Portadown base.
Invest Northern Ireland has offered £950,000 of assistance towards the project, which will safeguard around 250 jobs at the site.
Work on the seven-year programme is due to begin in early May.
Enterprise, Trade and Investment Minister Arlene Foster said, “Having been in business for 75 years, Ulster Carpets is a longstanding and highly regarded manufacturer of woven carpets. Undertaking this investment programme to improve its production facilities underpins the company’s long term commitment to Portadown.
“During the past 15 years, this family business has transformed into a major export player and continues to excel in a fiercely competitive world market selling its carpets to every continent in the world.
“Having already secured orders with high profile names like Claridges in London and Sofitel Dubai, these planned developments will allow Ulster Carpets to further strengthen its position within the high-end axminster carpet sector.”
Golden Cow has also revealed it is creating 23 new jobs at its premises outside Portadown.