Minister for Jobs Richard Bruton is officially opening a €150m expansion of one of the most important factories in the southeast.
Genzyme is celebrating ten years in Waterford this month and this expansion means the company now has 500 people working at its facility on the outskirts of the city.
The company makes medicines to combat rare diseases and seven key products are exported to more than 70 countries.
Genzyme was recently taken over by French multinational Sanofi and the CEO of the company, Christopher Viehbacher, is visiting the site for the first time.
The Waterford facility was listed by WikiLeaks as one of two Irish sites that are considered vital to US security, the other being the Hibernia Atlantic undersea cable landing in Dublin.
WikiLeaks is an international organisation that publishes submissions of unavailable documents from anonymous news sources on its website.