Camlin confirmed it will create 298 posts and expand and enhance its headquarters in the area.
Camlin develops and supplies engineering solutions, primarily for the electricity and rail industries.
The 298 new jobs, 98 of which are already in place, will generate over £9.5million annually in salaries to the local economy and provide skilled employment locally and across Northern Ireland.
John Cunningham, Camlin's Chief Executive, said:"This major investment is part of an ambitious and strategic growth plan designed to help us increase our global sales and market presence. Innovation through new product development and training for our workforce has been a major focus for us as we work to position ourselves competitively to successfully enter new high value markets.
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"Our ethos is based around delivering high tech solutions and our new staff are involved in leading edge technologies across R&D and manufacturing disciplines. This new building is giving us the scope to accommodate an increased workforce and fully implement our growth plans.
"We are delighted with the support we have received from Invest NI which has enabled us to recruit new staff quickly and develop new products with global sales potential."
Sinn Féin MLA Máirtín Ó Muilleoir said: "The company is making a significant investment in its newly £28 million expansion of its Lisburn factory and pumping a further £9.5 million in salaries to the local economy.
"At a time when the uncertainties of a reckless Tory/DUP Brexit looms over business and threatens the economy here, job creation is welcome news."
Invest NI's support includes £953,377 in R&D assistance, part funded by the European Regional Development Fund under the EU Investment for Growth and Jobs Programme 2014–2020.
