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."
Grangemouth owners Ineos are in last ditch talks with the workers' union, but the workforce is just one of the problems facing the plant.
Thousands of jobs are under threat after a dispute over conditions led to a shock decision to close the petrochemical site in Grangemouth.