Workers at Iralco in Collinstown, Co Westmeath, have voted overwhelmingly to accept proposals by the new owners of the plant, which will secure over 300 jobs.
Employees met prospective buyer C&F Tooling, as well as joint liquidators McStay and Luby, last weekend to discuss the future of the company.
C&F Tooling announced last week that it had agreed to take over Iralco, which manufactures car parts. The conditional takeover by the Galway-based firm is based on reducing costs - this means up to 60 voluntary redundancies may be sought.
Unite, the trade union representing the Iralco workers, announced that over 90% of those balloted voted to accept the proposals made at a general meeting of staff last weekend.
'This is a vote for common sense,' said Unite National Officer John Bolger following the counting of the vote this morning.
'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 were appointed in April when the plant closed its doors for one week prior to reopening after discussions with workers to give it the best possible chance of finding a buyer.
It was announced last month that the company has been conditionally taken over by CF Tooling.
Iralco has manufactured automotive parts in Ireland since 1964.
