An Italian tissue manufacturer is set to create more than two hundred jobs on the 'Northern Gateway' site in Glannau Dyfrdwy in the north.
The First Minister Mark Drakeford said the new site has "tremendous potential."
ICT announced it will be constructing a brand new facility with support from the Welsh Government.
The Welsh Government has provided £5 million towards the new 700,000 sq ft facility, following a £10 million investment in the 'Northern Gateway' in March.
The Welsh Government said the investment would "unlock the development potential of the site".
Minister for North Wales Lesley Griffiths said: "This is excellent news for North Wales. ICT is a world leader in its field and it will be bringing skilled employment to the region. I look forward to seeing these exciting plans develop."
Italian company ICT has signed a preliminary contract for a 50 acre site, to develop a state-of-the art integrated tissue production and conversion facility, the first of its kind in the UK in more than 15 years. Construction is expected to begin early next year and, once complete, will create 229 new jobs.
The new facility, equipped with the latest technology, will deliver consumer tissue products marketed through retailer private labels and ICT’s own brand FOXY to the UK and Irish markets.
According to the company, the location and development presents the “perfect opportunity” for retailers and their customers to benefit from the highest quality tissue products with availability assured from ICT’s industry leading supply chain expertise.
Ahead of a visit to the north, First Minister Mark Drakeford said:
"This development is good news for the Northern Gateway site, Deeside and North Wales. It will bring a brand new state-of-the-art facility to the site with more than 200 jobs, and the possibility of further expansion in the future.
"The Northern Gateway site has tremendous potential and I’m very pleased that we have been able to support ICT’s decision to locate its new facility here. It will be an important employer in the future and will be a key contributor as we build a stronger and fairer north Wales."
A spokesperson for ICT said:
"Working with the Welsh Government team over the last two years has been a very positive experience of cooperation. ICT has carried out a very thorough feasibility study of potential sites all over the UK during the last three years and we are more than pleased with our final choice to make Deeside our new home and to expand our business footprint to north Wales and to the UK.
"We look forward to swiftly getting to work on the site and creating our local ICTUK team."