Enterprise Minister Arlene Foster and Magellan vice president for business development in Europe, Haydn Martin, made the announcement
The company supplies major aerospace firms, including Airbus
The aerospace firm Magellan is creating 47 jobs at its operation in Greyabbey, County Down.
The Canadian company is making an investment of £6m, which will involve an extension to the existing factory.
Invest NI is giving the firm a grant of up to £700,000.
Magellan has owned the factory since 2012 when it bought John Huddlestone Engineering for about £10m. It currently employs 109 people in Greyabbey.
The new jobs will be added over the next four years.
The company is a major supplier to Bombardier, Northern Ireland’s biggest manufacturing employer.
It also supplies other major aerospace firms like Boeing and Airbus.
It recently reported its best ever quarterly results.
Enterprise Minister Arlene Foster said: “This significant investment involves the construction of a new specialised assembly facility and additional advanced machining technology, leading to the creation of 47 jobs which are expected to be put in place over the next four years.
“This investment will further enhance Northern Ireland’s aerospace sector which is of vital importance.”