Verizon says it has 3-year contracts with 2 unions

August 10, 2008 2:39:30 PM PDT
The telecommunications company Verizon says it has concluded negotiations with unions representing 65,000 workers and has new contracts. The three-year contracts are subject to union ratification. Verizon says the contracts include wage increases totaling 10.5 percent over three years.

The Communications Workers of America and the International Brotherhood of Electrical Workers had threatened to strike Verizon Communications Inc. at 12:01 a.m. Monday if no agreements were reached.