NEW YORK--(BUSINESS WIRE)--Sept. 13, 2004--The New York Times
announced today that members of the New York Newspaper Printing
Pressmen's Union No. 2 ratified an agreement that significantly
reduces staffing and that extends through March 30, 2017. The previous
contract was set to expire on March 30, 2005.
The new agreement:
-- Reduces staffing by nearly 50 percent, to be introduced in two
phases. The initial reduction, which is much larger and
effective immediately, will be accompanied by a voluntary
separation incentive program.
-- Limits wage increases over the life of the contract to an
annual average rate of 2.3 percent.
-- Changes hiring procedures to permit greater diversity in the
workforce.
-- Increases operational flexibilities that will result in
enhanced quality and efficiency.
-- Provides the pressmen with bonuses that coincide with the two
phases of staffing reductions and increased contributions
toward healthcare.
"We are very pleased with this contract, which we believe is a
win-win for The Times and the union," said Jay I. Sabin, vice
president, labor relations. "We will be able to operate more
efficiently and stabilize our collectively bargained wage increases
for many years to come."
"This is a superior agreement, resulting from tough collective
bargaining," said William Loftus, president, New York Newspaper
Printing Pressmen's Union No. 2. "It strikes a fair balance between
the interests of the union and the company. We now are looking forward
to a positive working relationship with The Times over the long term
of this agreement."
The agreement covers New York Times pressmen employed at the
newspaper's two printing facilities in Edison, New Jersey, and
Flushing, New York.
The New York Times Company (NYSE: NYT), a leading media company
with 2003 revenues of $3.2 billion, includes The New York Times, the
International Herald Tribune, The Boston Globe, 16 other newspapers,
eight network-affiliated television stations, two New York City radio
stations and more than 40 Web sites, including NYTimes.com and
Boston.com. For the fourth consecutive year, the Company was ranked
No. 1 in the publishing industry in Fortune's 2004 list of America's
Most Admired Companies. The Company's core purpose is to enhance
society by creating, collecting and distributing high-quality news,
information and entertainment.
CONTACT: The New York Times Company
Catherine J. Mathis, 212-556-1981
mathis@nytimes.com
OR
Toby Usnik, 212-556-4425
usnikt@nytimes.com
This press release can be downloaded from www.nytco.com
SOURCE: The New York Times Company
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