Insulation and building materials manufacturer Kingspan said it will invest €200m in a new Building Technology Campus in Ukraine.
The new site will be constructed over next five years and it is expected that more than 600 jobs will be created there.
Kingspan plans to manufacture advanced insulation and district heating products at the new facility.
On April 5, Kingspan announced it had completed its exit from the Russian market and divested its operations to local management.
Russia accounted for less than 1% of Kingspan's global operations and the company added that its products are no longer available for sale in Russia.
Gene Murtagh, CEO of Kingspan, said the new investment in Ukraine sits at the crossroads of three crises - the climate crisis, the energy security crisis, and the crisis caused by the Russian war against Ukraine.
"The new Building Technology Campus we are planning will make positive contributions on all three fronts, supporting Ukraine as it rebuilds its economy, meeting demand across central and Eastern Europe for energy efficient buildings, and helping Europe to reduce reliance on oil and gas imports," Mr Murtagh said.
"The ambition is for the development process to begin immediately - subject to appropriate security conditions - with the facility expected to be fully complete within five years. Kingspan has appointed a project team to identify a suitable site, likely to be in the west of the country, and is liaising with the Ukrainian Government to this end," the CEO added.
Ukraine's Foreign Minister Dmytro Kuleba said the country's goal is not solely renewal and rebuilding of the destruction caused by Russian aggression but also the creation of a completely new, modern and innovative economy leveraging leading urban development expertise and green technologies.
"For this reason, based on President Volodymyr Zelenskyy's vision, we created the Recovery Plan for Ukraine, and Kingspan’s project meets both the spirit and the goal of our plan," the Minister said.
"We invite the international business community to follow this example by withdrawing completely from Russia and relocating their businesses in Ukraine. This will benefit both: a company's standing and its long-term strategy," he added.
