A new factory in west Belfast is set to create 169 jobs over the next four years.
The jobs are being created by Biopax, which manufactures biodegradable packaging and labels for the food industry.
The business has been set up by Terry Cross who sold his Deltaprint packaging business in 2016.
He said the new venture was "born out of a passion to develop a truly green solution for packaging".
The firm is based on the Springvale business park in a factory formerly occupied by the Caterpillar company.
The development represents an investment of £47m with grant support of £4.69m from InvestNI.
Mel Chittock, interim chief executive of InvestNI said it would bring the former Caterpillar site back to life with "a state-of-the-art factory and machinery".
He said the business was also well placed to benefit from the the dual market access to the UK and EU possible under the Windsor Framework.
Biopax's focus is on polyethylene-free cartons, labels and wraps.
Liam O'Connor, sales and marketing director, said: "We have a team of experts leading the business who have spent a large part of their career working in fibre based packaging".
Source: BBC News NI (link opens in new window)