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Michelin announced the closure of its Dundee factory in 2018
The Michelin tyre company has unveiled details of a £5m scheme it hopes will help create hundreds of jobs in the Dundee area.
The firm’s factory in the city is to close by the summer with the site being transformed into an innovation centre.
The fund will offer loans and advice to businesses that are looking to expand.
Michelin announced in November 2018 that the factory would close, with the loss of about 850 jobs.
The company said the factory was “unsuitable” given current market conditions and it would not be financially viable to invest further.
Its Michelin Development fund will provide loans of up to £50,000 to businesses and grants to companies looking to set up in Dundee.
Manufacturing, engineering or business-to-business service companies with fewer than 250 employees are eligible to apply for the loans.
Mike Cole, head of Michelin development in the UK, said: “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.”
‘Innovation hub’
The announcement about the fund was made at the Michelin Scotland Innovation Parc, which will also be used to attract companies to Dundee.
The new centre will be developed over the next decade and will include office space, with an “innovation hub” for collaborations between industry and academia.
Its hoped that at least 850 jobs will be created at the centre.
John Reid, Michelin Dundee factory manager and the chief executive of the innovation park, said: “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.”
