US multinational Vistakon is expected to announce a €100 million investment in its Limerick facility today.
The investment, which is due to be unveiled by Minister for Enterprise Micheál Martin, will create an estimated 50 jobs at the company's plant, which is located at the National Technological Park adjacent to the University of Limerick.
Today's announcement will be the second major investment by Vistakon in its manufacturing facility in Limerick in less than two years.
In March 2006, the company launched a €100 million investment at its Limerick base, a move which created more than 100 jobs in manufacturing, quality and engineering.
Headquartered in Jacksonville, Florida, Vistakon is the largest producer of disposable contact lenses in the world. The company produces Acuvue lenses.
A subsidiary of Johnson & Johnson, Vistakon's Limerick factory, which was established in 1996, is its largest manufacturing centre outside the US.
It employs more than 600 people at the state-of-the-art facility, and the majority of the workforce has a third-level qualification.
The company is one of seven Johnson & Johnson companies operating in the Republic, employing 2,000 people.
Speaking in advance of today's announcement, Limerick TD and Minister for Defence Willie O'Dea described Vistakon as "terrific employers".
"It's not that long ago that Micheál Martin and I were out there announcing an extension to the plant a year and a half ago," he recalled.
"Vistakon generates huge revenue and has made a large contribution to the region," he added.
A spokesman for IDA Ireland, which has supported major investments by Vistakon in recent years, confirmed an announcement was due in Limerick today but would not discuss the nature of the announcement.
The investment is the second success to be flagged by the IDA within the past week. Last Friday, US insurance company Unum said it would create 200 jobs in Carlow by establishing a software services centre in the town.
The jobs created by both firms will bring some comfort for policymakers as the jobless total climbs.
The most recent Live Register data showed the highest number of claimants in almost 10 years, with almost 8,000 people joining the register in January alone.
