Published Wednesday, 16 April 2014
Enterprise Minister Arlene Foster and Nick Coburn, of Ulster Carpets. (© DETI)
In the last year, the company has seen a 25% increase in sales and the creation of 40 new jobs.
Recent high profile orders include Claridges, London; The Four Seasons George V, Paris; Sofitel Dubai and Bellagio, Las Vegas.
Next month, the renovations will begin with the demolition of all old buildings.
The first phase of the investment will fund the building of a new Dyehouse and Energy Centre at a cost of £6.5m.
It will provide state of the art dyeing equipment, significantly improving the energy efficiency of the site.
Future phases will include the adoption of new weaving and finishing technology to meet the demands of future growth.
The huge investment is part of the company's long term commitment to create and secure jobs, strengthen the local economy and maintain its position in the world's axminster carpet business.
The year 2014 marks the family firm's 75th year in business. Each week shipments leave the Co Armagh town to be delivered to every continent in the world as well as the closer to home UK and Ireland markets.
Ulster Carpets' Managing Director Nick Coburn said: "Three years ago we made a strategic decision to keep our manufacturing base in Portadown and to continue to invest heavily in innovative technology along with providing a high level of excellence in service and quality.
"However, it is the ongoing commitment and endeavour of our people which sets us apart from the competition."
Invest Northern Ireland has offered £950k of assistance towards the project.
The finance was offered in recognition of the company's significant role in the local economy creating high value jobs and undergoing a major transformation in the past 15 years into an export oriented operation.
© UTV News