A £60 MILLION funding package to create a new future for the Michelin tyre factory site in Dundee has been unveiled this evening - a year after its closure was announced putting 850 jobs at risk.

Dundee City Council, Scottish Enterprise and Michelin have backed the investment by the Scottish Government to turn the site into the Michelin Scotland Innovation Parc (MSIP) over the next 10 years. The Parc is envisaged as a skills and innovation hub where industry and academia will collaborate on sustainable mobility, clean transport and carbon energy.

The Michelin factory is due to close by the middle of next year, after its French owner said the demand for the smaller premium tyres it produced had fallen significantly.

READ MORE: Workers tell of devastation as Michelin confirms closure

Finance Secretary Derek Mackay said: “I will be in Dundee tomorrow to meet workers from Michelin and to attend the Michelin Dundee Action Group. 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.

"“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.”

READ MORE: Ministers prepare to claw back public funds if Michelin factory closes

John Reid, chief executive of MSIP, 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.

“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.”