Two-thirds of workers at the Grangemouth oil refinery have refused to accept new terms and conditions, their union says.
Ineos had set a deadline of 6pm on Monday for the workforce to agree to its “survival plan”, which amounts to a cut in pension entitlement, overtime pay and redundancy terms.
Without agreement and without fresh investment, management has said it could close the plant by 2017.
Ineos said the plant, which has been shut down since last week because of the dispute, is losing £10 million a month.
Jim Ratcliffe, the founder and chairman of Ineos, one of the world’s largest chemicals manufacturers, said at the weekend: “This is not a bluff. The clock is ticking.
“Grangemouth could have a future but that is absolutely in the hands of the workers. If we go down the wrong road, then I’m afraid this story will not have a happy ending.”