The vehicle tire manufacturing giant 'Michelin', the federal government, and the Nova Scotia government will invest $300 million in the French global company's factories in the mentioned Atlantic province, which will provide dozens of additional jobs.

Federal Prime Minister Justin Trudeau and Nova Scotia Premier Tim Houston visited Michelin's factory in the city of Bridgewater in the province, accompanied by company leaders to announce the mentioned investment.

Michelin will invest about $140 million to improve the Bridgewater factory. The not yet finalized agreement between it and the federal government may allow it to receive $44.3 million from the Strategic Innovation Fund, a federal fund.

Michelin will also receive a tax credit from Nova Scotia of about $61.3 million over five years as a contribution to financing the factory expansion.

For his part, Michelin's CEO in North America, Alexis Garsan, estimates that these investments will create 70 new jobs at the Bridgewater factory.

The federal Prime Minister also said that the factory expansion will enable the production of tires for the growing electric vehicle industry in Canada, noting that the economy and the environment can be helped at the same time.

Trudeau added that increasing numbers of global companies are investing in Canada to produce goods starting from renewable energy sources.

For his part, the Premier of Nova Scotia confirmed that the tax exemption provided to Michelin by his government will help both the province and the company, and he expressed his pleasure at reaching this agreement.

Houston also added that he is focused on two things: solving his province's healthcare system problems and finding the money to do so.

A part of the $300 million will go to Michelin factories in the city of Pictou and the town of Waterville in Nova Scotia. About 3,600 employees work for Michelin in this province.