The manufacturing group behind the famous Yale and Union security lock brands is planning to invest more than £3 million into its Black Country base.
Willenhall-based Assa Abloy said the work at its plant in School Street, home to its UK head office and main manufacturing base, would begin this summer and be completed next year over three phases.
The plant will undergo an interior and exterior refurbishment, improvement of employee facilities and welcome a new staff restaurant.
Planning permission has also been requested to create a new car park at the rear of the site to provide 100 additional on-site spaces.
The company said this would relieve parking pressure on nearby residential areas and also allow for a yard extension.
The final stage of the investment will be the launch of a new innovation centre which Assa Abloy said would become the focal point of the site and act as a hub for research and development.
UK managing director Neil Vann said: "I'm very pleased to announce such a positive investment in our future and a significant commitment to our premises.
"Over the years, we have made important improvements in our manufacturing capabilities allowing us to stay at the forefront of product development but this is one of the largest commitments we have made to the infrastructure of the site.
"We believe the renovation will benefit all who work here as well as the local residents.
"We have a rich heritage here in Willenhall as well as a proud reputation as a key employer and this investment is designed to make sure that this is continued for years to come.
"The introduction of the innovation centre also reflects our future thinking and the desire to make sure that, as a manufacturer, we are leading product innovation and ensuring we can provide opportunities in this area for the next generation of employees."