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Ineos Reverses Decision To Close Grangemouth

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John Aglionby, Financial Times

Ineos has reversed a decision to close the petrochemical plant at Grangemouth, after the Unite union caved into the owner’s demands for a pay freeze and changes in working conditions.

A huge cheer was heard from the room where workers were told at a meeting with managers that the plant, which Ineos said on Wednesday would close, was to reopen immediately, subject to a safety assessment.

Calum Maclean, chairman of Grangemouth petrochemicals, did not rule out “limited” redundancies but said the vast majority of the 800 employees at the petrochemical plant would keep their jobs. He said thousands of contract staff, who had been told they would lose their jobs, would be required.

Mr Maclean said the company would now seek to invest a further £300m in the complex, which also includes Scotland’s only oil refinery.

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