Work will begin early next month on a £30 million modernisation of the Ulster Carpets factory in Portadown.
The buildings on the Castleisland site, Garvaghy Road, will be demolished and replaced over a seven-year period.
The first phase will see the building of a new dyehouse and energy centre at a cost of £6.5 million, providing state-of-the-art dyeing equipment and significantly improving the energy efficiency of the site.
It is due for completion by the end of next year.
Future phases will include the adoption of new weaving and finishing technology to meet the demands of future growth.
Managing director Nick Coburn said that, in preparation for the first phase, the company had consulted widely with the local community to ensure the plans enhance the local area.
Invest Northern Ireland has offered £950,000 of assistance towards the project, which coincides with the company’s 75th anniversary.
Mr Coburn said the investment is part of the family-owned company’s long-term commitment to creating and securing jobs, strengthening the local economy and underpinning its position as a premium player in the world Axminster carpet business.
He added, “Three years ago we made a strategic decision to keep our manufacturing base in Portadown and to continue to invest heavily in innovative technology along with providing a high level of excellence in service and quality.
“However, it is the ongoing commitment and endeavour of our people which sets us apart from the competition.”
The announcement follows another year of expansion and progression for the company which has seen a 25 per cent increase in sales and 40 new jobs created.
Recent high-profile orders have gone to hotels in London, Paris, Dubai and Las Vegas.