All 1,350 staff at the Ineos Group AG site in Grangemouth, Scotland, have signed up to the company's revised pension plan as well as accepted its new terms and conditions. As part of the arrangements, it is confirmed that current salaries for the existing workforce will remain unchanged.
According to the company, the acceptance of these changes represents the next milestone in securing the 300 million pound ($493 million) investment needed for the company to continue trading and build a new terminal to import shale gas from the United States.
Calum MacLean, Ineos Grangemouth (UK) chairman, said: "This is another important step in the rebirth of the Grangemouth site. With our costs coming under control, the shareholders are committed to making good on their promise of a 300 million pound investment, which will allow us to build a new terminal and use U.S. shale gas as a new raw material for the petrochemicals site."
Ineos is also to more than double the number of apprentices and graduate recruits over the next three years, added MacLean. "There is now a growing belief in the future of the plant. I look forward to a new era of cooperation and teamwork at Grangemouth," he said.