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Deal 'saves Grangemouth plant' Grangemouth dispute: Ineos says plant will stay open
(35 minutes later)
The Grangemouth petrochemical plant near Falkirk is to stay open after a new deal was struck with workers, the BBC understands. The Grangemouth petrochemical plant near Falkirk is to stay open after a new deal was struck with workers.
Workers are expected to be told in a mass meeting at 11:00 that the decision to close the site will be reversed. Staff were told in a mass meeting at 11:00 that the decision to close the site would be reversed.
It is understood that unions may have had to make further concessions. Operator Ineos announced on Wednesday that the plant was to shut, with the loss of 800 jobs, after union members rejected a survival plan.
Operator Ineos announced on Wednesday that the site was to shut, with the loss of 800 jobs, after unions and workers rejected a survival plan. But on Friday, Ineos said it would reopen the plant and the neighbouring oil refinery with immediate effect.
But ministers and the Unite union were involved in top level talks on Thursday to try to save the site and a fresh offer was made by unions to the company. The company said the move had followed a "dramatic U-turn" by the union Unite and its "belated recognition" that the company's survival plan was the only way to ensure Grangemouth's long-term future.
It added that Unite had agreed to taking no strike action for three years, moving to a "modern" pension scheme and accepting a three-year pay freeze.
The company's announcement was greeted by huge cheers from the workforce, who had gathered at the plant for the announcement.
Ineos confirmed it would invest a further £300m in the site's long-term future.
Grangemouth chairman Calum MacLean said: "It is a huge investment and that investment was only rightly to be done if we had a long-term sustainable base.
"What we have now done is given the chemicals business another 15 to 20 years on the back of new raw materials, new contracts and significant investment."
Mr MacLean would not dismiss the prospect of redundancies, but said they would be "very limited". He also denied that the company had demanded any additional concessions from the union.
The company said the Scottish government had indicated it would support its application for a £9m grant to help finance the terminal and the UK government had given "pre-qualification approval" for a £125m loan guarantee facility.
Ineos chairman Jim Ratcliffe added it was "a victory for common sense".
The closure move came after workers rejected a deal which would have changed their pay and pensions.The closure move came after workers rejected a deal which would have changed their pay and pensions.
However, politicians had voiced confidence that the plant could have a future after unions accepted a survival plan put forward by management. Ministers and the Unite union were involved in top-level talks on Thursday to try to save the site and a fresh offer was made by unions to the company.
Scotland's Finance Secretary John Swinney and Scottish Secretary Alastair Carmichael held talks with unions and management at the site on Thursday. Scotland's Finance Secretary John Swinney and Scottish Secretary Alastair Carmichael voiced confidence that the plant could have a future following their talks with unions and management at the site on Thursday.
On Friday morning, First Minister Alex Salmond said he was "absolutely certain" that the petrochemical plant could be saved.
The company has already laid off about 2,000 contractors since it shut down the complex.The company has already laid off about 2,000 contractors since it shut down the complex.