£300m survival plan for Grangemouth

On the 1st October 2013, The Scotsman reported that Grangemouth petrochemical site will run out of raw materials and close by 2017 if the INEOS “survival plan” is not agreed.

The company is talking to both Scottish and UK governments about the prospect of grants and loan guarantees totalling £150m to support a new gas import terminal, but says employees and unions must also play their part. INEOS wants its employees, who earn an average of £55,000 and usually retire at 57, to agree to the closure of the generous final salary pension scheme, (costing the company 65% of salary, in addition to already high earnings).

Calum MacLean, said: “These changes will transform our business and ensure the long-term future of the site. But everyone must understand there is no plan B.”

To view the article visit: