200 jobs are being promised by Rockshel Life Sciences for Cashel in Co Tipperary.
Rockshel Life Sciences has announced it is investing €14m in a former pharmaceutical plant in the town.
Cashel was hit particularly hard during the downturn and Sun Pharma closed its factory there two years ago with the loss of more than 100 jobs.
The facility has now been purchased by a privately owned investment company with Irish, British and UAE investors.
The 3,700sqm plant is to be fully renovated and the production of nutritional, herbal and health products will begin in May.
50 people will be recruited immediately with another 150 expected to be recruited over the next two years.
Management at the company said much of the product will be exported to the US and Canada.