The former Sunjuice site in Llantrisant, Rhondda Cynon Taf, is to be taken over by UK fruit and confectionary firm Fruitapeel.
Sunjuice closed in January with the loss of over 120 jobs when parent firm Serious Food went into administration.
Fruitapeel has taken over some of the assets on the site and says it is keen to take on former Sunjuice employees.
The move is being financially supported by the Welsh assembly government, which backed Fruitapeel's bid for equipment and production lines at a recent auction.
Economic Minister Ieuan Wyn Jones said: "The assembly government has been working hard behind the scenes to support companies interested in buying these assets on condition they are retained in Wales.
"But as they are being sold by auction it meant we had to move swiftly to meet extremely tight deadlines to ensure the necessary support was in place.
"We welcome the news from Fruitapeel. It is exactly the outcome we hoped for and we are extremely pleased that this investment will create new jobs and provide employment opportunities for those people who lost their jobs when Sunjuice closed."
Fruitapeel, established three years ago, is now the second largest manufacturer of fruit and confectionery based sauces in the UK.
It produces sauces for companies including Del Monte, Tate and Lyle and Cadbury.
Source: BBC
