Ulster Carpets is set to begin a £30m, seven-year-long modernisation programme to protect its Portadown manufacturing plant and safeguard 250 jobs.
Development will start in May and will see the replacement of old buildings with purpose-built manufacturing facilities.
Regional economic development agency, Invest Northern Ireland has pledged £950k towards the scheme, which includes a £6.5m dye-house and energy centre to improve efficiency at the site.
Arlene Foster, Enterprise, Trade and Investment Minister, commented: “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.”
The Northern Ireland based carpet manufacturer boasted profits of £7.5m on sales of £54m from 2012 to 2013.