News Release
Continental Airlines and the Transport Workers Union of America Reach Tentative Agreement
HOUSTON, June 3, 1998 -- Continental Airlines (NYSE: CAI.A and CAI.B) and the Transport Workers Union of America today announced that they have reached a tentative collective bargaining agreement extending until December 31, 2003. The agreement comes after four days of intense direct negotiations.
Subject to ratification, the agreement will go into effect July 1, 1998 and will replace the previous contract which did not become amendable until April 1999.
In a message to its members, the Transport Workers Union negotiators said, "This agreement would not have been possible without a sincere commitment by the companies' negotiating team and senior management."
"We are delighted that we were able to achieve a fair and equitable agreement well in advance of the amendable date of the old contract," said C.D. McLean, executive vice president of operations for Continental Airlines. "This contract goes to show what can be accomplished when the parties work together. We are dedicated to continuing in the spirit of cooperation and dedication that was exhibited by both parties at the bargaining table."
Specific terms of the agreement will be released by the union to its membership over the next few days during the ratification process.