Wrights Group has confirmed it is buying the 100-acre JTI site in Ballymena, with the deal likely to be completed early next year.
The Lisnafillan site will become available in mid-2017, due to JTI’s closure of its operation in the Co Antrim town amid restructuring of the tobacco firm in Europe.
Bus manufacturers Wrights Group say securing the facility will allow them to look at a range of options going forward.
Economy Minister Simon Hamilton has welcomed the acquisition.
Wrights Group Chairman and CEO Mark Nodder said: “Our current operations in Galgorm have become somewhat ‘landlocked’ in recent years, as substantial growth across the various parts of our business has progressively taken up all the land that we have owned.
“The imminent closure of the JTI facility has presented us with an opportunity to secure a substantial site, which will give us the additional space and operational flexibility we require to ensure that our future growth and development plans are not hampered by real estate constraints.”
Steven Francey, Wrights Group MD, said: “We would naturally hope that, in the medium to long term, our investment will create additional employment opportunities within a number of our business areas.”
JTI has also welcomed the sale.