Around 50 jobs in the Bay of Plenty due to be axed just before Christmas maybe saved due to a last minute buy-out of a Rotorua timber processing plant.

An announcement was made on November 22 about the plan to cut 70 jobs in the Tokoroa and Rotorua area with the proposed closure of the plants on December 20.

Current proposals will see 18 positions at the Tokoroa plywood plant axed, while the closure of its Rotorua Profile plant will see more than 50 jobs, including contractors, go.

The proposed job loses is due to the fall in demand from export markets in Australia and a lack of new building developments in New Zealand, reports the company.

However, workers have since been told of another company which is looking at buying the plant and continuing the operation.

A decision on the proposed buyout is due to be made on December 20.