Grangemouth staff agree pension deal

Throughout much of October the future of the Grangemouth petrochemicals plant was uncertain amid reports the site had lost £576 million over the last four years and was losing up to £10 million a month.

Similarly, staff at the petrochemical facility planned, and then subsequently called off, a 48-hour strike.

Ineos then refused to restart the plant until negotiations with its employees over pensions were concluded.

After announcing the permanent closure of the plant on 23^rd October, Ineos halted liquidation on the 25^th October after union break down over pay and pension reform and the plant is now fully operational and its owners are considering shale gas import and production at the site.

This is another important step in the rebirth of the Grangemouth site

Grangemouth chairman Calum MacLean

Today, however, Ineos announced that almost the entire 1350-strong workforce at Grangemouth have signed up to the company’s new pension plan as well as accepting new terms and conditions but has confirmed that current employee salaries will remain unchanged.

According to Ineos, the acceptance of these changes represents the next milestone in securing the £300 million investment needed for the company to continue trading and build a new terminal to import shale gas from the US.

Ineos Grangemouth chairman Calum MacLean 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 investment, which will allow us to build a new terminal and use US shale gas as a new raw material for the petrochemicals site.”

Alongside the announcement, Ineos has also stated that it is to more than double the number of apprentices and new graduate recruits it is hiring over the next three years.

“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.” MacLean added.