Workers facing redundancy at a Westmeath factory have voted overwhelmingly to accept proposals from a new buyer, which will save over 300 jobs.

Iralco employee met with C&F Tooling last week, along with joint liquidators McStay and Luby, to hear proposed plans.

The Galway-based car-part manufacturer has agreed to takeover the ailing business on the basis that cost will be reduced, which could mean a possible 60 redundancies.

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The trade union, representing workers at the plant, Unite, confirmed over 90% of those balloted had accepted the offer made at a general staff meeting.

Unite National Officer John Bolger said: "This is a vote for common sense.

"There will be voluntary redundancies and some changes to work practices but our members have looked at these in the context of the long term future of the plant, and voted accordingly."

Iralco currently employs 420 people and is worth an estimated €8 million a year to the local economy.

Liquidators have controlled the business since April.

Last month it was announced the company had been conditionally taken over by CF Tooling.

Iralco has manufactured automotive parts in Ireland since 1964.

(PR/JM)