Michelin acquires land for potential growth in Canada
Michelin is a step closer to future-proofing its Waterville factory site in Canada now that its bid to purchase adjacent land has been approved. It is understood that Michelin Canada will purchase 21 hectares, about half of an area currently used as an airport, and will set this extra land aside for the time being. It is hoped the land will come in handy should Michelin seek a location to host major expansion plans in future.
The Municipality of the County of Kings granted approval for the land sale on 22 September and stated that the land in Waterville will be sold to Michelin Canada at its market value of CA$1,888,416 (£1.04 million). The sale will take place on 1 October 2015, one day after the airport closes.
Although Michelin has no plans to expand to expand the Waterville facility at present, Michelin Canada president Grant Ferguson has said that the constraints of the existing site meant no major expansion projects would have been feasible at any time without the acquisition of this additional land to the north of the Waterville factory.