A massive investment for expansion and upgrades of the Michelin Tire plants in our province.
In total, $300 million will go into the three factories in Bridgewater, Waterville and Pictou.
From that, nearly half, $140 million is to expand the factory in Bridgewater, which will create 70 new jobs in the process.
The money will be used to modernize the plant to produce in-demand tires for electric vehicles.
“Nova Scotia is an amazing place to do business and Michelin’s decision to modernize and expand its operations here speaks volumes about our business environment,” said Premier Tim Houston. “Michelin’s strong commitment to greening their operations aligns with our government’s plan for a clean and green economy, where the environment and Nova Scotians can thrive, and no one is left behind.”
The tire company will receive a tax credit of about $61.3 million over five years based on eligible capital investments of $302.7 million to be used in Nova Scotia.
Meantime, the feds are putting up nearly $45 million towards the expansion.
“Companies understand the excellence of Canada’s workers and auto sector – and this announcement is a testament to that. Here in Nova Scotia, we are once again seeing that when we invest in our workers, we build communities and an economy that works for everyone, while leaving a stronger, healthier future for our kids.” said Prime Minister Justin Trudeau.
The Bridgewater plant employs more than 1,000 people.
Overall, the company employs over 3,500 in Nova Scotia.
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