BRIDGEWATER, Nova Scotia — Michelin Group's plan to invest $225 million in its tire manufacturing facilities in Canada will be supported by close to $80 million in federal and provincial aid, company and government officials said at a ceremony held March 14 at the Bridgewater plant.
Speaking to the assembled company executives, government officials and hundreds of plant workers, Canadian Prime Minister Justin Trudeau said his government worked closely with the Nova Scotia provincial government to come up with a package of public funds and incentives that helped secure the investment.
"I think you know that a big international company like Michelin, that has plants and fabrication facilities all around the world, has choices and options," he said during the announcement, noting that he and Nova Scotia Premier Tim Houston worked together to show Michelin that "we're willing to invest in the future of Michelin here in Nova Scotia and Bridgewater."
Trudeau stressed during his remarks that ultimately the quality of the employees' work was the key to Michelin's decision to expand in the province.
The federal government is providing roughly $34 million (C$44.3 million) in assistance through its Strategic Innovation Fund to Michelin to support the tire maker's plans to shift its factories in Nova Scotia toward producing tires for electric vehicles (EVs).
Nearly half — $104 million — of the investment is earmarked for the Bridgewater passenger and light truck tire plant, which will add more than 70 positions to the workforce there. Employment there is listed as 1,148 employees at last report.
In his remarks, Houston said Michelin's decision to invest in the Canadian operations is a testament to Nova Scotia's strong business environment.
Michelin stands to benefit from the province's newly increased Capital Investment Tax Credit, which could represent tax savings of nearly $50 million (C$61.3 million) over five years, based on the planned investment of $225 million.