Michelin is expanding its operations in Nova Scotia, with help from the federal government and a recently-increased provincial tax credit.
Alexis Garcin, the CEO and president of Michelin North America, said in a news conference Tuesday that the company plans to spend $140 million to expand their plant in Bridgewater, which could create up to 70 new jobs.
He said this is part of a larger $300 million investment to expand other Michelin facilities in Nova Scotia, including the ones in Pictou and Waterville.
The planned modernization will allow Michelin to produce more energy efficient tires, including ones used for electric vehicles, and to cut factory emissions through electrification.
“We are perfectly positioned to answer the consumers’ demand today and tomorrow,” said Garcin.
Michelin currently employs more than 3,600 people at their plants in Bridgewater, Waterville and Granton.
Prime Minister Justin Trudeau, who attended the news conference at the Bridgewater Michelin plant, said that the planned expansion will secure existing jobs and create new ones.
Trudeau said Ottawa is willing to spend up to $44.3 million on the project, pending a final agreement.
“This isn’t just good for your local economy, it’s also good for the environment. More and more people want clean technologies in their lives, including electric vehicles,” he said.
“We know that EVs require tires that are designed differently. These new modernized facilities will be able to manufacture tires that will respond to the global demand for EVs.”
Garcin and Trudeau were joined by Nova Scotia Premier Tim Houston, who says Michelin’s decision to modernize and expand its operations is a testament to Nova Scotia’s strong business environment.
Houston says that through the province’s newly increased Capital Investment Tax Credit, Michelin stands to receive a credit of about
$61.3 million over five years, based on the planned investment of $302.7 million.
— with files from The Canadian Press