News
Michelin Scotland Innovation Parc generates net sales of £12.65m and £6.4m GVA in first three years
Greig Coull – CEO of MSIP
Michelin Scotland Innovation Parc (MSIP) reported significant results economic impact in the first three years of operation.
The Dundee-based centre, a joint venture between Michelin, Dundee City Council and Scottish Enterprise, has delivered substantial growth, with the MSIP Accelerator Program contributing to over £12.65m in net sales and £6.4 million in gross value added (GVA). impact.
MSIP has been operational for three years, since taking ownership of the former Michelin tire factory in 2020. Despite being in the early phase of operations, significant progress has been made in that time. Companies participating in the MSIP Accelerator have successfully leveraged over £4.37 million in innovation grants and £17 million in investment.
Construction and renovation at MSIP totaled almost £25 million. This investment not only improved the infrastructure available at the Innovation Park, but also created numerous employment opportunities, supporting local economies.
The physical transformation of the Innovation Park allowed 16 companies to establish their operations at MSIP, collectively supporting 190 jobs. MSIP has maintained a focus on working with the local community and has directly engaged with more than 5,000 young students over the past three years.
Each of these initiatives has generated a number of outcomes, outcomes and impacts that align with the objectives of the National Strategy for Scottish Economic Transformation (NSET). This alignment underlines MSIP’s crucial role in advancing Scotland’s economic ambitions and ensuring MSIP’s ambition to be Scotland’s home for sustainable innovation.
Greg CoullCEO of MSIP, said: “As we continue to evolve, our commitment to sustainable innovation and robust business support promise even greater economic benefits.
“While we are at the beginning of our journey, the potential for transformative impact is undeniable, inspiring confidence in MSIP’s mission and vision for the future.
MSIP remains committed to promoting an environment of growth, innovation and economic prosperity. These early successes highlight MSIP’s promising trajectory as a key player in Scotland’s economic landscape.”
Leader of Dundee City Council, councilor John Alexandresaid: “The progress that MSIP has made in a relatively short period of time is something that we as a city can be proud of.
“It’s encouraging to not only see jobs being created now in Dundee, but also to see the foundations being laid for the workforce of the future at the Skills Academy.
“Additionally, there is the enormous contribution to the local community through school engagement and innovative collaboration that occurs daily at the Innovation Center.
“While there have been and continue to be challenges to overcome, I have no doubt that there is still a lot of potential for MSIP to grow further in the coming years.
Your role in sustainable and low-carbon technologies will not only help create prosperity here in Dundee, but will also play a role in responding to the global climate emergency.”