Published Wednesday, 03 September 2014
The first of the jobs are expected to be in place by the end of the year. (© DETI)
It comes as part of a £6m investment by Canadian-owned Magellan Aerospace.
Enterprise Minister Arlene Foster said the 47 jobs will be created over the next four years.
"This investment will further enhance Northern Ireland's aerospace sector which is of vital importance," added the DUP minister.
"It will strengthen Magellan Aerospace (Greyabbey) as a supplier of machining, assembly, supply chain management and logistics to the global aerospace industry.
"The new advanced manufacturing jobs will contribute additional salaries into the local economy as well as introducing new manufacturing skills into Northern Ireland."
Magellan Aerospace established its presence in Northern Ireland two years ago when it acquired local company John Huddleston Engineering Ltd.
The firm, which currently employs 109 workers, supplies products and services to the likes of Airbus, Boeing, Bombardier, GKN and Spirit AeroSystems.
Haydn Martin from Magellan said: "With the acquisition of John Huddleston Engineering, Magellan strengthened its core manufacturing capabilities and expanded its European operations.
"This investment takes the Greyabbey plant to the next level and will enable us to support growth in our key customer programmes."
Invest Northern Ireland has put up £700,000 towards the company's total £5,950,000 investment.
© UTV News