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Closure of Britain's Grangemouth petrochemical plant averted after unions agree to rescue plan

A Scottish petrochemical plant threatened with closure will stay open after unions agreed to a survival plan.

The Grangemouth plant's owners threatened to shut the facility after unions initially balked at the terms.

The plant and adjoining oil refinery have been shut for a week because of the dispute.

With 800 jobs at stake, union leaders changed course Friday, agreeing to a pay freeze and pension changes.

Workers cheered as the announcement was made. Reliability manager John Convery says the last couple of days have been "hellish" for workers and the surrounding community.

He said workers and their families "have been staring into the abyss."

Plant owner Ineos said it was losing 10 million pounds ($16 million) a month. It says it will invest 300 million pounds in the facility.

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