Following several weeks of discussions led by the Department of Social Affairs and Health, a memorandum of understanding has been agreed between the management of Foreplast and staff representatives. Earlier in the month the company had announced it would be closing its Monaco production site. The company operates a number of other plants in Europe and elsewhere producing specialist plastic components, mainly for use in the automotive sector.
“The willingness of the parties to succeed and the role of intermediary played by the Government enabled the various sides to find mutually acceptable solutions,” the Government said.
The agreement covers the resumption of work by employees, the payment of various bonuses and allowances as well as measures related to the gradual cessation of activity of the production site in the Principality.
“The Prince’s Government welcomes the positive outcome of the negotiations and reaffirms its support in the implementation of the measures adopted. The Government thanks the various parties concerned for their sense of responsibility and their common desire to reach an agreement,” the Labour Department said.