NEW YORK, Sept. 19, 2012 /PRNewswire/ -- Verizon Communications Inc. (NYSE, Nasdaq: VZ) announced today that it has reached a tentative agreement with the Communications Workers of America (CWA) and the International Brotherhood of Electrical Workers (IBEW) on new, three-year contracts for about 43,000 East wireline associates. The agreement is in the process of being signed.
"We believe this is a fair and balanced agreement that is good for our employees as well as for the future of the Wireline business," said Marc Reed, Verizon's chief administrative officer. "It provides competitive wages, valuable benefits and affordable quality health care while giving the company new flexibility to better serve customers and become more efficient."
The agreement was achieved through lengthy negotiations and mediation conducted under the auspices of the Federal Mediation and Conciliation Service (FMCS).
The unions will submit the agreement to their members for a ratification vote. If approved, the agreement will run through Aug. 1, 2015.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, with more than 94 million retail customers nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers integrated business solutions to customers in more than 150 countries, including all of the Fortune 500. A Dow 30 company with $111 billion in 2011 revenues, Verizon employs a diverse workforce of nearly 194,000. For more information, visit www.verizon.com.