Verizon readies for strike after union votes to walk

Verizon (NYSE: VZ) is preparing for a possible work stoppage in its wireline division after members of the Communications Workers of America (CWA) voted to authorize a strike, should current talks remain stalled. 

The current agreement covers 39,000 CWA and International Brotherhood of Electrical (IBEW) workers. It expires on Saturday, August 1. 

"Our members are clear and they are determined -- they reject management's harsh concessionary demands, including the elimination of job security, sharp increases in workers' health care costs, and slashing retirement security," said Dennis Trainor, VP for CWA District 1, in a statement. "Verizon made $9.6 billion in profits in 2014, and reported $4.4 billion in profits just in the 2015 second quarter alone. Their demands are completely outrageous and unwarranted."

Meanwhile, Rich Young, a Verizon spokesman, told FierceTelecom in an e-mail that the union should refocus its attention on working with the telco to resolve the issues. "We believe their time would be far more beneficial focusing on the important contractual issues that need to be resolved," Young wrote.

You can read the full FierceTelecom report here.