£60m investment pledged to repurpose Michelin Dundee site
It will be transformed into an 'innovation parc' focused on manufacturing and low-carbon energy.
A £60m sum will be invested to repurpose Michelin's Dundee site into a business hub focused on manufacturing, low-carbon energy and clean transport.
The funding commitment, supported by Michelin, Scottish Enterprise and Dundee City Council, will transform the site into the Michelin Scotland Innovation Parc (MSIP) over the next decade.
It will include office space and support services for businesses and research institutions as well as a "skills academy".
The Scottish Government entered into negotiations with Michelin to save the site after the French firm announced plans to close it down last year, leaving 850 employees facing an uncertain future.
The Michelin Action Group was formed as a result, which officials say has helped more than 400 Michelin Dundee staff secure their next role.
The Dundee plant, a tyre factory that first opened in 1972, will officially close in June 2020.
Scottish finance secretary Derek Mackay said he would be in the city on Wednesday to meet workers.
Mackay said: "This joint funding commitment from the Scottish Government and Michelin demonstrates our shared determination to transform the site to be a global destination for innovation and investment.
"MSIP will attract companies, research institutions and a highly skilled workforce.
"We want Scotland to lead the way in developing and manufacturing the technologies of the future and MSIP will be vital in helping us achieve this."
'414 people have already secured their next role. A year ago, I wouldn't have believed we would have been able to make this much progress.'John Reid, Michelin Scotland Innovation Parc
MSIP chief executive John Reid said: "This funding marks a significant milestone and allows us to move ahead with the construction of the innovation hub, the skills academy and the other works to prepare the site for its new companies.
"It will allow us to develop a vibrant site with a long lasting benefit for Dundee and Scotland, as well as being a key part of Scotland's response to the global climate emergency."
Mr Reid went on: "Throughout the last year our priority has been to support our employees and their families and 414 people have already secured their next role.
"A year ago, I wouldn't have believed we would have been able to make this much progress.
"We still have a long way to go but we should be encouraged by how things have progressed in the last year."