HALIFAX, Nova Scotia (Aug. 5, 2004) — Michelin North America Inc. will spend about $31 million in the coming months to upgrade its tire plants in Bridgewater and Waterville, Nova Scotia, according to the Nova Scotia Economic Development Ministry, which is providing $3 million in assistance for the projects.
Michelin will spend $19 million at its 21-year-old Bridgewater plant to enhance flexibility and expand capacity for larger dimension light truck tires, the ministry said. The plant, which makes passenger and light truck tires, employs 1,100.
The company has budgeted $12 million to enhance capacity for large industrial and construction tires at the 22-year-old Waterville plant, the ministry said. Employment stands at 982.
Noting that Michelin employs more than 3,400 in Nova Scotia, Economic Development Minister Ernest Fage said the province's contribution “will help secure those jobs, as well as expanding the existing workforce." Mr. Fage told the Canadian Broadcasting Corp. the assistance is tied to Michelin's creating 56 new jobs at the plants.
“Given that Michelin's plants must compete internationally for investment capital, we're proving that Nova Scotia can successfully compete on the global market,” Mr. Fage said.
“Michelin Nova Scotia's ability to continue to attract investment and to remain flexible to constantly changing economic and market conditions is key to our overall long-term success,” a Michelin spokesman said.