September 11, 2006

ACOA to invest $10 million in Michelin’s Nova Scotia truck tire facility

Waterville, Nova Scotia – The Atlantic Canada Opportunities Agency (ACOA) will invest $10 million towards a research component of an expansion of Michelin North America (Canada)’s Waterville, Nova Scotia truck tire facility. It is the first time Michelin has undertaken a Research and Development program within its Canadian truck tire product line.

The repayable contribution is being made through the Atlantic Innovation Fund; Michelin is investing $81 million of its own money. “Today’s investment will be a catalyst for future R&D investment in Atlantic Canada,” says Peter MacKay, Minister of Foreign Affairs and Minister of ACOA. “The project is important in terms of creating and retaining employment in rural Nova Scotia, particularly for our youth. This is great news for Nova Scotia, the Atlantic region and for Canada.”

The project involves the development and installation of manufacturing equipment for the production of a new wide-based truck tire line at the company’s Waterville facility. The majority of the R&D will be carried out at the Waterville plant and at the company’s facility in Granton, Pictou County. The project will require the development and industrialization of new prototype tire-building machines, advanced extrusion equipment and rubber formulations. Michelin currently operates three plants in Nova Scotia, at Waterville, Granton and Bridgewater.

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