Forty jobs are to be created over the coming five years in Dundalk by Chinese company SATIR, which has decided to locate its European Headquarters in the town.
SATIR is China's leading thermal imaging system manufacturer and is the first IDA supported Chinese company to locate in Ireland.
The jobs are in marketing, finance and after sales service.
Meanwhile the Sanirish plant in Edenderry, County Offaly is to close with the loss of 22 jobs.
The 26 employees of the company which manufactures shower and sanitary components were told by management today that the plant is to shut at the end of August.
Manufacturing will re-locate to the site of the parent company in France, while four commercial positions will be retained at Edenderry.
The company has said it had no choice but to close the plant because of increased competition from China and Europe.
Hi: 17°C / Lw: 13°C
Revealed: Ulster's most dangerous roads
Deputy First Minister in Baghdad for peace mission
Thomas Beattie gives birth to healthy baby girl
Iran warns: attack us and we'll strike you back
Swimsuit photo shoot in buildup to Vietnam final
Federer and Nadal set for Centre court final
Mandela honoured with the class of 2008
Supporters that made Euro 2008 one to remember
Fashion of the wives throughout the tournament
Pop princess Minogue wows fans at Odyssey gig
Try your luck in our GAA 'pick the score' competition
Looking forward to the famous biking event
Ship's Belfast beginnings celebrated in exhibition
Applauding Ulster's most exceptional women
Special report on Northern Ireland's worst house fire
Celebrating excellence at the inaugural awards gala 
Special multimedia report on Belfast Wheel