The Hydrus Group, an oil and gas service company, has started work on a specialist manufacturing base at the Brechin Business Park.
It is forecast the new development will bring tens of millions of pounds into the local economy.
The new facility should be complete by spring 2015 and bosses say it will create 100 jobs over five years.
Hydrus presently employs 50 people in Brechin at a site on Eastmill Road, which will trade in tandem with the new premises.
The facility will include capacity for specialist engineering structures to be built on site, ready for export.
Mark Williams of Hydrus said it was a "natural step" for the firm to expand in the area.
He said: "The growth of the energy sector in Aberdeen is spilling over into Angus for the area's benefit.
"Brechin is a great location for us. We are creating huge structures for the oil and gas sector.
"Good transportation links are essential, so the proximity of the deep sea access at Montrose Port is a significant benefit, particularly as we look to expand our export markets."
Angus provost Helen Oswald said the new facility was "great news for Hydrus and the county".
She said: "Angus Council is delighted to be working with such an innovative company, whose enterprise and ambition is bringing jobs and economic benefit to Angus."
An engineering firm is to build a new technology centre in Brechin, creating 100 new jobs.