DUNDEE, Scotland—Michelin has signed a joint venture agreement to build an innovation center on the site of its soon-to-close tire plant at Baldovie in Dundee, Scotland.
Called Michelin Scotland Innovation Parc (MSIP) Ltd., the JV with Scottish Enterprise and Dundee City Council will repurpose the site to focus on sustainable-mobility and low-carbon energy developments.
The agreement, signed May 31, firms up proposals to secure a future for the 845-employee site, after Michelin announced in November that it would cease the tire production there in 2020.
"By incorporating MSIP Ltd., we are taking a first concrete step in delivering against our shared ambitions of providing employment opportunities for our workforce," said Jerome Monsaingeon, Michelin's representative on the JV board.
The project will create "a flagship innovation center in Dundee (that will place) Scotland at the forefront in the fight against climate change," Monsaingeon said.
The partners believe that the innovation center can become a global center for innovation, ttracting companies, research institutions and highly skilled people.
Scotland's economy secretary Derek Mackay said MSIP would create new employment and investment opportunities for Dundee and demonstrate Michelin's commitment to the region.
"The Scottish Government will continue to do all we can to realize these ambitious plans which will provide Dundee with a first-class innovation center," he added.