Building materials group CRH has agreed to buy a cement plant in the Heilongjiang province in north-east China.
The plant is located 45km from the province's largest city, Harbin, which has a population of nine million.
CRH said the deal was subject to Chinese government approval and other pre-conditions, but was expected to close in the coming months.
Chief executive Liam O'Mahony said the proposal was an excellent opportunity to enter the large and growing Chinese market.
Shares in CRH closed 30 cent higher at €27.40 in Dublin this evening.
