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."

The 36-year-old Czech national was arrested on Saturday after the body of Rebecca Johnson, 26, was found in the Finnish village of Kuttanen.
Ms Johnson was a member of the Santa Safari team which works with tour operator Transun Travel to organise Christmas-themed excursions to Lapland.
The couple lived in Scotland before moving to the Arctic for seasonal work.
Ms Johnson was from Burntisland in Fife.
A Finnish police statement said: "Lapland District Court has today imprisoned the suspect of the homicide, according to the claim of the Lapland Police Department.
"A 36-year-old Czech citizen is suspected of killing his 26-year-old long-term partner. The victim is a female citizen of Scotland. The crime is investigated as a murder."
It is understood members of Ms Johnson's family have since travelled to Lapland.
The police statement said: "The suspect has been co-operative but hasn't been able to clarify a specific motive for his suspected act.
"Police will continue the investigations by hearing the witnesses and the suspect, and by conducting technical investigations."
The suspect was arrested on Saturday after fleeing into the Lapland wilderness on a dog sled.
The police operation involved a helicopter and officers on snow scooters in temperatures of -30C.
The man was said to have been suffering from hypothermia when he was found.

It will give 40 million yen (Â£274, 000) to the Cartivator group that operates outside Toyota city in central Japan.
The Nikkei Asian Review reports Toyota and its group companies have agreed in principle to support the project.
So far crowdfunding has paid for development of the so-called Skydrive car, which uses drone technology and has three wheels and four rotors.
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Measuring 9.5ft (2.9m) by 4.3ft (1.3m), Skydrive claims to be the world's smallest flying car.
It has a projected top flight speed of 100km/h (62mph), while travelling up to 10m above the ground.
The team of 30 volunteers developing the Skydrive car hopes its prototype could be used to light the Olympic flame when Tokyo hosts the summer games in 2020.
Flying cars are something of a flavour-of-the-month at present, with firms from the US, Germany, Netherlands, China and Japan looking to turn science fiction into reality.
An engineering firm is to build a new technology centre in Brechin, creating 100 new jobs.
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A man has been remanded after appearing in court in Lapland accused of murdering his Scottish girlfriend.
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Japanese carmaker Toyota has announced its backing for a group of engineers who are developing a flying car.