Ineos unveils Grangemouth 'survival plan' with job, pension cuts
LONDON, Sept 30
LONDON, Sept 30 (Reuters) - Ineos announced what it described as a "survival plan" on Monday to keep in operation the petrochemical plant attached to its refinery in Grangemouth, Scotland, which involved cutting jobs and changing the pension plan to reduce costs.
The company said the plant has been losing 10 million pounds ($16.1 million) per month and that its pension scheme has a 200 million pound deficit.
"The current business is unsustainable. We have worked incredibly hard to put together a survival plan that asks something of everyone," Calum MacLean, chairman of both Grangemouth Petrochemicals and Grangemouth Refining, said in a statement.
"If everyone agrees to it, Grangemouth has a future. If not, Grangemouth Petrochemicals will close."
The plan comes as the company is already in dispute with the Unite union, whose members voted last week to strike due to a disciplinary matter involving an employee at the plant.
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