The company currently employs 61 people at the dyeing and finishing plant in Kells.
BBC: Investment boost to textile industry
It will see the creation of one of the world's largest and most advanced linen-based dyeing and finishing plants.
"The greater capacity and complete control we now have in our dyeing and finishing operation will bring substantial benefits as we continue to seek to expand our fabric business in target markets such as North America, " he said.
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