Diageo has announced it is to invest €153m in a "brewing centre of excellence" at the Guinness brewery at St James's Gate in Dublin.
However its breweries in Kilkenny and Dundalk, which employ around 100 workers, will close next year.
The company announced its plans to centralise operations in Dublin in 2008 - today it confirmed that the Louth facility would close in July 2013 and the Kilkenny brewery in December 2013.
Today's announcement follows a review of how Diageo "can best ensure the long term sustainability" of its brewing operations in Ireland.
In a statement, Diageo said the move will provide 300 jobs during the period of the new brewhouse construction.
Construction is due to get under way in the first half of this year, subject to planning permission.
"This announcement represents a huge vote of confidence in the Irish economy by a world-leading company, creates very welcome construction jobs, and secures Diageo's brewing operations in Ireland for decades," said Minister Richard Bruton this afternoon.
"Every pint of Guinness sold throughout Europe and the United States is currently brewed in Dublin ... and today's announcement could pave the way for even greater things for St James's Gate."
