Michelin is relaunching a scheme which the company says will help create hundreds of jobs in Dundee and Angus, worth around £5 million.
Michelin Development will provide funding and advice to firms with the potential to expand – providing high-quality, long-term employment, bosses have said.
The firm said “at least 850 jobs are expected to be created” and Michelin Development has also “targeted support for 850 new jobs”.
Funding from Michelin Development could be used to attract companies involved in the green transport industry to the new Michelin Scotland Innovation Parc (MSIP).
MSIP is a joint venture between Dundee City Council, Michelin, and Scottish Enterprise.
It aims to drive growth and diversity in the Scottish economy while addressing the global climate emergency.
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Bosses aim to deliver “a world class innovation centre, driving global research while influencing and supporting breakthroughs in sustainable mobility and low carbon energy”.
The news comes as politicians and business leaders from across the region will attend an event today to learn more about the £5m programme.
Successful applicants could receive unsecured, heavily-subsidised loans and free, independent and expert advice to pave the way for growth, Michelin Development said.
The tyre factory is due to cease production by the middle of 2020 after the French firm deemed it “unsuitable” in the current climate.
Michelin Development said it will target inward investment by providing grants for companies looking to set up in Dundee.
Bosses are urging businesses with high potential, and medium-sized enterprises in and around Dundee, Arbroath, Carnoustie and Forfar – or businesses considering investing in these areas – to get in touch.
Mike Cole, head of Michelin Development in the UK, said: “Manufacturing, engineering or business to business service companies with fewer than 250 employees are eligible.
“If you have a solid business plan and the potential to create high-quality jobs, but you just need that bit of extra help, then we want to hear from you.
“Michelin Development is here to support employment in and around Dundee by helping high-potential firms and entrepreneurs turn their ambitions into reality.”
Loans of up to £50,000 are available, and they can be used to lever additional funding from other sources.
The event will take place at the MSIP – and funding from Michelin Development could be used to attract companies involved in the green transport industry to the new facility.
At least 850 jobs are expected to be created at MSIP, and Michelin Development has also targeted support for 850 new jobs.
John Reid, Michelin Dundee factory manager and the chief executive of MSIP, said: “This is a significant announcement for MSIP, for the Michelin Group and for the Dundee area as a whole.
“When we announced in 2018 that the Michelin Dundee factory was to close in 2020, we pledged to support our employees and deliver a legacy that will benefit the regional economy for generations to come.
“We are determined to create at least 850 jobs on the Michelin Scotland Innovation Parc and Michelin Development is another string to our bow. It will help attract investment and employment to both MSIP and Dundee.”
Dundee City Council leader John Alexander said: “It’s a real source of strength that Michelin’s commitment to the city extends beyond the Michelin Scotland Innovation Parc.
“This fund has already helped more than 40 businesses with loans of more than £1 million.
“I’m delighted that the Michelin Development Fund is set to continue with that support.
“Businesses in Dundee will benefit directly and we will continue to work across Dundee to grow jobs and investment.”
Michelin Development is backed by a steering committee made up of organisations including Michelin, Angus Council, Business Gateway, Dundee and Angus Chamber of Commerce, Dundee City Council, Scottish Enterprise and the Royal Bank of Scotland.
For more information on Michelin Development, visit michelindevelopment.co.uk.