UPDATE: Verizon (VZ), CWA, IBEW Ratify 4-Year Contract
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Overall Analyst Rating:
NEUTRAL (
Down)Dividend Yield: 6.5%
Revenue Growth %: +0.3%
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(Updated - October 19, 2012 3:31 PM EDT)
Verizon Communications, Inc. (NYSE: VZ) shares are ticking higher amid headlines that it the IBEW, and the CWA ratified a 4-year contract.
The contract covers 45,000 Verizon workers, 35,000 CWA workers and about 10,000 IBEW workers. Those fired during the FY11 strike will return to work.
Shares of Verizon are down 1.3 percent Friday.
UPDATE - The full release is below:
"Members of the Communications Workers of America at Verizon Communications ratified a four-year agreement covering about 35,000 CWA represented workers from Virginia to New England. Members of the International Brotherhood of Electrical Workers also voted to ratify a four-year agreement. IBEW represents about 10,000 Verizon workers.
Contract highlights include an 8.2 percent compounded wage increase over the next three years, and additional cash payments. Also on ratification, CWA members who were fired by Verizon during the August 2011 strike will return to work.
Representing members in New York, New Jersey and New England, CWA District 1 Vice President Chris Shelton said: “This contract ensures that every one of our members will see an improvement in their standard of living. It was a tough fight, and we turned back efforts by the company to gut our contracts. Now, we’ll keep up the fight to expand good jobs for Verizon workers.”
CWA District 2-13 Vice President Ed Mooney, who represents Verizon workers in the mid-Atlantic states, said: “The unity and determination of CWA and the IBEW over 16 months of bargaining, and the support of our allies, made this contract possible. Our goal now is to make certain that CWA members continue to be a key part of this company’s future.”
The contract had expired in August 2011. A two-week strike, an active member mobilization and support campaign by progressive allies, and final intensive negotiations under the auspices of the Federal Mediation and Conciliation Service brought about this settlement. The new contract expires August 2015."
Verizon Communications, Inc. (NYSE: VZ) shares are ticking higher amid headlines that it the IBEW, and the CWA ratified a 4-year contract.
The contract covers 45,000 Verizon workers, 35,000 CWA workers and about 10,000 IBEW workers. Those fired during the FY11 strike will return to work.
Shares of Verizon are down 1.3 percent Friday.
UPDATE - The full release is below:
"Members of the Communications Workers of America at Verizon Communications ratified a four-year agreement covering about 35,000 CWA represented workers from Virginia to New England. Members of the International Brotherhood of Electrical Workers also voted to ratify a four-year agreement. IBEW represents about 10,000 Verizon workers.
Contract highlights include an 8.2 percent compounded wage increase over the next three years, and additional cash payments. Also on ratification, CWA members who were fired by Verizon during the August 2011 strike will return to work.
Representing members in New York, New Jersey and New England, CWA District 1 Vice President Chris Shelton said: “This contract ensures that every one of our members will see an improvement in their standard of living. It was a tough fight, and we turned back efforts by the company to gut our contracts. Now, we’ll keep up the fight to expand good jobs for Verizon workers.”
CWA District 2-13 Vice President Ed Mooney, who represents Verizon workers in the mid-Atlantic states, said: “The unity and determination of CWA and the IBEW over 16 months of bargaining, and the support of our allies, made this contract possible. Our goal now is to make certain that CWA members continue to be a key part of this company’s future.”
The contract had expired in August 2011. A two-week strike, an active member mobilization and support campaign by progressive allies, and final intensive negotiations under the auspices of the Federal Mediation and Conciliation Service brought about this settlement. The new contract expires August 2015."
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