The site of Dundee’s Michelin factory will become home to a new innovation centre focusing on sustainable transport and low-carbon energy.
An agreement has been signed to create a new company called the Michelin-Scotland Innovation Parc (MSIP) Ltd, a partnership between the French company, Scottish Enterprise and Dundee City Council.
Michelin is to cease production of tyres at the factory next year.
Jerome Monsaingeon, Michelin’s representative on the MSIP Ltd board, said: “Together with Scottish Enterprise and Dundee City Council, we pledged to move at pace to build a new future for our Dundee site.
“By incorporating MSIP Ltd we are taking a first concrete step in delivering against our shared ambitions of providing employment opportunities for our workforce and creating a flagship innovation centre in Dundee.
“Along with our partners, the Michelin Group is deeply committed to supporting the future development of the parc.”
He added: “Our workforce, through their support and professionalism, have played an extremely important role in ensuring we could set up MSIP Ltd. I would like to express my gratitude for their dedication in these challenging circumstances.”
The agreement was also signed by Scottish Enterprise chief executive Steve Dunlop, Dundee City Council leader John Alexander and Scottish Government Finance Secretary Derek Mackay.
It is hoped Michelin-Scotland Innovation Parc will attract companies, research institutions and skilled people to address global challenges.