Blackrock Manufacturing Ltd has been set up in Coalisland to make track frames and supply parts to manufacturers in the earth-moving and demolition/ recycling equipment markets.
The company is owned by Pat O'Neill, founder of the global business Powerscreen which specialises in the design and manufacture of both mobile crushing and mobile screening equipment.
Invest NI has offered a total of £229,000 of support to the new enterprise for export marketing activity in Europe and the USA.
Conor Monaghan, Blackrock Manufacturing's MD, said: "This is an exciting new venture and one that is bringing much needed jobs to County Tyrone. We are confident that we can grow the company over the next few years and achieve significant export sales.
"Jobs Fund and marketing support from Invest NI will help us to establish the company quickly to take advantage the opportunities that have been identified, particularly in the US."
Enterprise Minister Arlene Foster said: "County Tyrone has a strong manufacturing heritage and this new company adds to the region's standing in this area.
"Blackrock Manufacturing will manufacture components that would otherwise have been sourced in China and Eastern Europe, therefore creating skilled engineering jobs in County Tyrone while building an export-focused business.
"The company also intends to develop innovative new products that will be marketed in Great Britain, Europe and the US and will provide opportunities for future growth."