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Verizon, unions reach deal for four-year contract

Striking Verizon employees have reached an agreement with the company for a four-year contract.

Verizon, unions reach deal for four-year contract

About 39,000 landline and cable employees in nine Eastern states and Washington, D.C., have been on strike since mid-April. The strike is seen as one of the largest strikes in the US in recent years.

Other workers had been trained in by Verizon to step in, but there were still delays in installations for Fios customers.

Verizon has now shifted its focus on its mobile business and selling off large chunks of its wireline unit, which is unionized, but the wireless workers were not having a union. According to Verizon, it had high health-care costs for its unionized workers, about 30 percent of its U.S. workforce, that it wanted to lower.

CWA President Chris Shelton said in a statement that the agreement is a "victory for working families" and that there will be new jobs at Verizon, but the union preferred not to divulge the details of the contract.

Verizon has welcomed the agreement, which has "meaningful changes and enhancements" that will make its wireline business more competitive.