600 jobs will be created in Limerick over the coming years.
US company Edwards Lifesciences, which makes medical equipment, has chosen Castletroy for its new 'state of the art' plant.
Plans for the facility were announced earlier this year, but it has now been confirmed Castletroy has been chosen as the location.
The jobs will be based at the €80 million manufacturing facility at the National Technological Park.
It's hoped the plant will be completed by 2021, and new roles will be created across areas such as planning, quality control, assembly, engineering and finance.
Nathan Tenzer, Plant General Manager for Edwards Lifesciences, said: "The site we have selected to base our operations in Ireland was chosen for many reasons, but one main attraction for us was the wealth of experienced talent available with the skills we require in the medical technology sector."
Minister for Business Heather Humphreys added that the announcement is "wonderful news for the local community".