Michelin, a France-based multinational tyre manufacturing company, has announced plans to invest $140m (€130.62m) in expanding its plant in Bridgewater in the Canadian province of Nova Scotia. The company will create 70 jobs and the expansion is expected to be completed by 2025.
The expansion is the part of Michelin’s $300m investment to expand its facilities in Pictou and Waterville in Nova Scotia. The planned modernisation will allow the company to produce more energy-efficient tyres and cut factory emissions through electrification.
The company is expecting to receive an additional $44.3m in funding through Canada’s Strategic Innovation Fund and will also receive a provincial tax credit of around $61.3m over five years to help fund the expansion.
According to Investment Monitor‘s multinational company subsidiary database, as of 2021, Michelin had nine subsidiaries in Canada, in addition to another 34 in the US, making North America its second-largest global region by this measure after Europe.
Bridgewater is a relatively small town on the east coast island of Nova Scotia, with a population of around 10,000. Michelin is by some distance the largest employer in Bridgewater, which lies some 75km from province capital Halifax.
According to GlobalData, Michelin employs around 132,000 people worldwide and has subsidiaries in more than 60 countries, including BFGoodrich, ATS Euromaster and Camso.