Union officials, management and liquidators at troubled car components company Iralco have briefed a meeting of the workforce at the firm on plans for the immediate future of the factory.
The meeting, which took place at the GAA club in the Downs, was attended by more than 400 workers at the plant.
John Bolger, Unite national officer, described the demeanor of Iralco employees this morning as "stoic" and said they were delighted to be returning tomorrow.
He said the meeting had helped to clarify matters for workers, many of whom did not know why the factory had been earmarked for closure when it was still generating orders. The closure of the factory would have had a huge impact on the workers, he said, adding that the union was pleased that it had secured the jobs for the coming months.
The High Court ordered the company to be wound up on Monday after the management said the business was in a dire financial state despite having plenty of work on the books.
In an 11th hour move, union leaders said they had secured a commitment from liquidators to reopen the factory if contracts with major car makers were maintained.
The liquidator is now hoping to sell the company as a going concern. It is understood there have been several "tentative" inquiries from within the industry about the firm.
Iralco is one of the longest-established manufacturers in Ireland and was set up in 1964. It produces components from some of Europe's best-known car manufacturers, including Audi, BMW, Ford, Seat, Volvo and Jaguar. At one stage it employed 900 people.
It is estimated the Iralco jobs are worth about €8 million annually to the local economy.