The Scottish Government has announced £60 million in funding for a new “centre of innovation” in Dundee.
Along with tyre manufacturer Michelin, the government put up the funding to transform the area into the Michelin Scotland Innovation Parc (MSIP) over the next decade.
The announcement, a joint project between the local authority, Scottish Enterprise and Michelin, comes a year after Michelin announced plans to close its Dundee plant in June next year.
According to the Scottish Government, the MSIP will have a focus on sustainable mobility, clean transport and low carbon energy.
Finance Secretary Derek 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.”
John Reid, chief executive of MSIP, believes the new facility, which will house a skills academy and innovation centre, will help Scotland economically and ecologically.
He 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 also gave an update on the future of staff at the factory.
He said: “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.”