Embattled engineering firm W.E. Smith and the AMWU have reached an agreement on a plan for the future of the Coffs factory.
The deal will allow W.E. Smith to reduce costs by cutting work hours onsite for six months, before returning to full capacity in late 2016.
A number of employees have also volunteered to take extended leave without pay.
Management will pay all outstanding wages within seven days of the agreement taking effect, as well as agreeing to a superannuation payback plan.
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