Wilkie will partner current shareholder Scottish Enterprise and move its manufacturing operations from Kirriemuir and Forfar to Dundee.

The plan is set to deliver a potential increased workforce of up to 600 and an estimated £50 million investment in infrastructure, technology and development.

The development comes almost six years since the announcement of the closure of the Michelin Tyre Factory in Dundee,

The new site offers a purpose-built, modern layout capable of housing advanced technologies and supporting the company’s ambitious plans for growth.

Wilkie CEO Hamish Rowan said: “The world-class infrastructure at MSIP provides a strong foundation for Wilkie to honour its proud legacy while embarking on an exciting new chapter of innovation and growth.

“This strategic decision reflects Wilkie’s commitment to seizing the immense opportunities presented in the global technical textiles market.

“While deeply rooted in its heritage and long-standing ties to Kirriemuir, the decision to relocate to Dundee was emotional and not taken lightly.

“This move marks the beginning of a new era, creating a home for Wilkie for the next 150 years and empowering the team to realise Wilkie’s ambitious and sustainable growth plans for the future.

“With MSIP and a partnership with Scottish Enterprise, we are looking forward to welcoming and supporting other related and exciting businesses to the Parc in the near future.”

Greig Coull, CEO, MSIP said: “I am delighted that Wilkie has brought its large-scale manufacturing ambition to the site, as the majority shareholder in this next chapter of MSIP.

“Their leadership and deep-rooted commitment to innovation, sustainability, and growth will continue our mission to drive forward decarbonisation and advanced manufacturing.

“With Wilkie as the majority shareholder, this partnership, supported by our invaluable collaborators, including Scottish Enterprise and the Scottish Government, marks a transformative step forward for Dundee and the region.

“The future looks bright, creating lasting economic, environmental, and social impact.”

Deputy First Minister Kate Forbes said: “This announcement furthers our ambition to make manufacturing a significant part of the activities at MSIP, which is also an important centre for skills and innovation.

“Wilkie’s involvement will create and protect jobs and add fresh impetus to the Parc’s future development.

“The Scottish Government has supported MSIP since its inception. This is an important day for Dundee and for our wider efforts to transform and grow Scotland’s green economy.”

Adrian Gillespie, Chief Executive of Scottish Enterprise, said: “MSIP was established as a public private partnership to secure an alternative future for the former Michelin site focused on innovation and sustainability. I’m delighted we’ll now be working with Wilkie to fully realise that ambition.

“Wilkie is a great Scottish success story with a strong track record of investment in innovation. The company has plans to create hundreds of new jobs at MSIP in the years to come, which is great news for the regional and national economy.

“SE’s purpose is to work with companies in Scotland to innovate and scale to transform the country’s economy. Ensuring regional economies have the infrastructure needed to drive local growth is crucial to that.

“That’s evident in Dundee where we’re supporting important projects such as the University of Dundee’s Life Sciences Innovation Hub and Scottish Widows’ Dundee Tech School, as well as partnering in MSIP.”

John Howe, Managing Director, Michelin UK said: “Since MSIP was set up, it has focused on creating jobs and improving sustainability. The agreement with Wilkie delivers exactly that and we believe it will benefit Dundee, the wider region and Scotland as a whole.

“We are proud to have been involved in the creation of MSIP and we wish both MSIP and Wilkie all the very best for the future.”

Mark Flynn, Council Leader, Dundee City Council said: “A huge amount has been achieved at MSIP since the closure of the Michelin tyre factory less than five years ago.

“This ground-breaking partnership has delivered an innovation hub, a skills academy, an accelerator programme, a home for start-ups and numerous local job opportunities.

“Today’s announcement marks the next stage of the site’s evolution. This is a transition of ownership which aligns with the long-term strategic vision for MSIP.

“Ultimately the goal was to create employment for local people, and this new chapter promises significant job creation for Dundee.

“I look forward to seeing how the site further develops in the coming years.”