The Michelin Scotland Innovation Parc (MSIP) in Dundee has received a significant boost with the announcement that advanced textiles manufacturer Wilkie will become the major shareholder.

Wilkie plans to invest up to £50 million in the Parc, creating up to 600 new jobs. This major investment follows the closure of the Michelin tyre factory in 2020, which resulted in the loss of 850 jobs.

The Scottish Government played a key role in establishing the MSIP, investing alongside Michelin, Dundee City Council, and Scottish Enterprise. The project aims to repurpose the former factory site into a hub for innovation and sustainable economic growth.

Since its inception, the MSIP has become a center for innovation and skills, hosting 16 tenant companies and employing 190 workers. Key features of the Parc include an Innovation Hub and Labs, and a Skills Academy led by Dundee and Angus College. The Parc has also supported 53 new businesses through its Innovator Accelerator programme, creating over 80 jobs elsewhere.

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This latest investment by Wilkie demonstrates the continued potential of the MSIP to drive economic growth and create sustainable employment opportunities in Dundee.

On a visit to the Parc with Wilkie CEO Hamish Rowan and General Manager John Reid, the Deputy First Minister said:

"When Michelin closed the doors on its tyre factory, the Scottish Government promised to reinvest in the site's economic future. We hoped that we'd be in the position we find ourselves in today, bringing in a major employer like Wilkie with a strong Scottish heritage.

"Dundee has long been known as the home of industry, and I consider myself fortunate in having seen Michelin Scotland Innovation Parc's transition from a spark of an idea to the business community we see today, connecting industry trailblazers with academia to bring about greener economic growth across the country.

"Wilkie will guide MSIP into its future as a major centre for manufacturing, while continuing to work with companies focused on sustainable innovation and decarbonisation."

Scottish Enterprise is staying on as a minority shareholder to work with Wilkie, which will be relocating from its current base in Kirriemuir where it employs around 200 workers.

Wilkie has made clear its focus on expansion and that current employees are a critical part of its success. Transport will be provided for the workforce to commute to Dundee. The Scottish Government will work to support the workforce and the wider community as this transition takes place.