A union is celebrating after a buyer was found for a Carter Holt Harvey plant in Rotorua which was threatened with closure.
Carter Holt Harvey announced last month that it planned to close its profiles plant in Rotorua with the loss of around 50 jobs.
But the Engineering, Printing and Manufacturing Union (EPMU) says the sale of the business to Profiles Woodproducts Ltd means all workers will now keep their jobs on full pay and conditions.
EPMU timber industry organiser Ron Angel says the news is a huge relief for workers and their families.
"It's devastating to be told you'll lose your job at any time, particularly just before Christmas, so our members are just over the moon that their jobs have been saved," he said.
The decision to close the plant was blamed on a fall in demand in Australia and a lack of new building jobs in New Zealand.
The EPMU is in talks with Carter Holt Harvey over 18 job losses planned at its Tokoroa plywood plant.
Mr Angel says six jobs have been saved and the union is hopeful the remaining 12 redundancies will be voluntary.