MAHRT, Ala. (AP) -- The union representing workers at an Alabama paper mill said Tuesday that it has reached an agreement with MeadWestvaco Corp. on a new contract after 14 months of talks.
The United Steel Workers said the agreement covers 540 workers at the Mahrt, Ala. plant.
The agreement provides wage increases totaling 10.5 percent over the life of the contract, which is set to expire on Oct. 31, 2013. Workers will receive a 2 percent general wage increase and a $3,000 lump sum bonus immediately. Monthly pension plan benefits will increase by 16.2 percent.
Shares of Glen Allen, Va.-based MeadWestvaco fell 52 cents, or 4 percent, to $12.39 Tuesday.