Indian company Leetha Industries is setting up a new manufacturing and supply operation called Red Seal Cups in Longford.
The new facility will create over 100 jobs over the next three years.
Leetha Industries manufactures packaging material for the medical, foodservice and disposable packaging sectors.
The company will set up its main headquarters at a site formally occupied by Cameron on the outskirts of Longford town.
The oil and gas devices producer announced in October 2016 its intention to cease operations resulting in the loss of 170 jobs.
The Red Seal Cup plant in Longford will produce its range of heat resistant packaging solutions for the UK and European marketplace.
It said it will recruit personnel for a range of roles from senior management to packers and warehouse staff.
The Minister for Business, Enterprise and Innovation, Heather Humphreys, said the move by Leetha was a great vote of confidence in what Ireland has to offer, especially in a regional location.
IDA Ireland's CEO Martin Shanahan said this was a significant investment and a great win for Longford and the Midlands Region.
He said the creation of 100 jobs will deliver substantial economic benefit to the region.
Meanwhile, Cork-based energy company NRG Awareness has announced plans to create 70 new jobs within the next two years.
NRG Awareness focuses on reducing heating costs for homes and businesses and helps its customers reduce their home and commercial heating bills by between 15-60%.
The company said it expects to expand significantly and grow its direct staff numbers from 7 to 30 by the end of 2019, while its growth will be responsible for up to 50 new heating installer jobs around the country.
NRG Awareness already works directly with up to 150 heating installers on a regular basis around the country and predicts a turnover of €5m by the end of 2020.
The company has already started marketing and selling its patented products into the UK market.