The agreement, signed 31 May, firms up proposals to secure a future for the 845-employee site, after Michelin announced last November that it would cease the tire production there in 2020.
“By incorporating MSIP Ltd, we are taking a first concrete step in delivering against our shared ambitions of providing employment opportunities for our workforce,” said Jérôme Monsaingeon, Michelin’s representative on the JV board.
The project will create “a flagship innovation centre in Dundee and placing Scotland at the forefront in the fight against climate change,” Monsaingeon promised.
Indeed, the partners believe that the innovation centre can become a global centre for innovation: attracting companies, research institutions and highly skilled people.
Scotland’s economy secretary Derek Mackay said MSIP would create new employment and investment opportunities for Dundee and demonstrate Michelin’s commitment to the region.
“The Scottish Government will continue to do all we can to realise these ambitious plans which will provide Dundee with a first-class innovation centre,” he added.
Dundee City Council leader John Alexander described the new agreement as “hugely important” in delivering on the pledges made after the closure was announced six months ago.
“There will be no let-up in our efforts to deliver significant employment and investment opportunities at Baldovie, with a clear focus on securing the first tenants for the Parc,” Alexander insisted