Verizon reaches "agreement in principle" on new contracts for about 36,500 employees

WASHINGTON, May 27, 2016 /PRNewswire/ -- Verizon, the CWA and IBEW reached an "agreement in principle" on new contracts today primarily for the company's wireline employees and a small number of wireless employees in the Northeast. The agreements were achieved under the auspices of U.S. Labor Secretary Thomas Perez and assisted by the director of the Federal Mediation and Conciliation Service, Allison Beck. The following statement should be attributed to Marc Reed, Verizon's chief administrative officer:

"Verizon is very pleased with this 'agreement in principle.' The agreement is consistent with our objective of creating high quality American jobs and achieving meaningful changes and enhancements to the contracts that will better enable our wireline business unit to compete and succeed in the digital world.

We also reached an 'agreement in principle' on contracts for about 165 Verizon Wireless employees.

In the meantime, we look forward to having all of our employees soon back at work in their regular positions and doing what they do best – serving our customers."

Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York City, generated nearly $132 billion in 2015 revenues. Verizon operates America's most reliable wireless network, with 112.6 million retail connections nationwide. The company also provides communications and entertainment services over America's most advanced fiber-optic network, and delivers integrated business solutions to customers worldwide.

VERIZON'S ONLINE NEWS CENTER: News releases, feature stories, executive biographies and media contacts are available at Verizon's online News Center at www.verizon.com/news/. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contact:
Rich Young
908-559-3477
richard.j.young@verizon.com

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SOURCE Verizon