LONDON -- Swiss-based petrochemical firm Ineos on Wednesday said it would close its Grangemouth plant in Scotland with the loss of hundreds of jobs after failing to resolve a bitter labor dispute.

Ineos said that it had made the decision after workers were split on a possible survival plan that had included a pay freeze, alongside changes to pensions and other terms and conditions.

The Unite trade union separately said that about 680 of the site's 1,370-strong workforce had rejected the company's proposals, and added that management had walked away from a settlement.

Ineos said employees were asked to support the changes necessary to save the business, but that "regrettably, the union advised union members to reject any form of change."

"It is anticipated that a liquidation process will commence in a week," the company said.

Copyright Agence France-Presse, 2013