It was feared that 370 people would be laid off.
Following a two-day ballot, the members of SIPTU and the TEEU voted by a clear majority to accept the recommendation.
Element Six announced plans to cease production with a loss of 370 of the 450 jobs at the plant last July.
A sustainability plan was put together to save an extra 163 jobs.
Mr Ken Sullivan General Manager of Element Six, said he welcomed the acceptance today.
Mr Sullivan said it paves the way for the implementation of the Shannon Sustainability Plan and the retention of an additional 163 jobs at the company.
