Workers at the Torraspapel factory in Algeciras, Cádiz province, have now ratified an agreement which will see the factory close.
The decision to close the factory, which affects 146 workers, was taken some time ago and negotiations have been going on with the Unions to secure an amicable agreement.
The agreement includes early retirement for employees from the age of 52 years with a minimum of 80% pay, rising to 100% for older members.
Also included is the possibility for younger members of the workforce to be transferred to other factories and many have already taken up this option.
Widows pensions have also been revised under the agreement which was accepted by all but one of the workers. No firm date has yet been set for the closure of the factory.