SPTS Technologies, a KLA Company, is currently based at its Welsh headquarters, just off Ringland Way, but plans to move to a new location on the other side of Newport in Imperial Park.
Planning permission was granted, subject to the signing of a 106 agreement and conditions, for new headquarters which would include facilities for manufacturing, research and development as well as offices.
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The company, which manufactures and sells next-generation technology for the semi-conductor and microelectronics industry, has been based in Newport for over 40 years.
The global increase in demand for semiconductor devices has seen the business grow significantly over recent years. When completed, the company's new-state-of-the-art facility will almost double its footprint in Newport, bringing additional high technology, high value jobs to the region.
Councillor Jane Mudd, Leader of Newport City Council, said: "I'm proud that SPTS Technologies is based in Newport and delighted that it intends to stay in the city as it expands.
"It is one of our cutting-edge businesses in the city's flourishing high-tech sector and rightly has Welsh Government "anchor company" status in recognition of its role in increasing jobs and growing the economy.
"I'm sure SPTS Technologies will continue to play a key role in the city and look forward to its future growth and positive impact on the local economy in its new home."
