Prime Minister David Cameron welcomed the deal to keep Grangemouth open, during a press conference in Brussels.
On a day when the economy is picking up it's excellent news that a really important petrochemical plant will stay open, saving thousands of jobs not just at that plant but in the supply chain, and also seeing the refinery reopen, it's good news.
I think sense has been seen which is that, when you have challenges and costs, you need reform that goes with the investment and it seems to me in Grangemouth that's what we are going to have - the reform and investment coming together.
Jim Ratcliffe, chairman and chief executive of Ineos Group, described today's news as "a victory for common sense".
"Grangemouth is the powerhouse of the Scottish economy," he said. "It now has a fighting chance of upholding this crucial role into the future.
"Obviously today's news is tinged with sadness," he continued. "Decent men and women are being asked to make sacrifices to hold on to their jobs but the clear wish of our members is that we work with the company to implement its proposals."
John Convery, a manager at Grangemouth, described the last few days as "hellish"
"Myself and my colleagues, and all of our families, have been staring into the abyss," he said.
He added: "We'd just been paid but we didn't know if we were going to get another pay cheque again. We were told that the company we work for was going into liquidation and we didn't know if we were going to get any redundancy or what was going to happen to our pension ...
"There was a lot of relief and a lot of emotion in there, we're relieved that we've still got a job."
The staff and their families have been through a very stressful and uncertain time. They have been through a hell of a week and I hope they have a much better weekend as a result of today's announcement.
They can look to the future with an optimism which was absent earlier in the week ...
There are undoubtedly lessons to be learned from this dispute but for now we should focus on the immediate success of securing the site's future.