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ABITIBI-PRICE/CEP AGREEMENT RATIFIED

 TORONTO, June 4 /PRNewswire/ -- Abitibi-Price today announced that the 5-year agreement between the company and the Communications, Energy and Paperworkers Union (CEP) that was signed on May 24, has been ratified by the union membership.
 "The vote of 85 percent gives a clear indication of both the employees' and management's commitment to work together," said Jean- Claude Casavant, senior vice president. "The CEP demonstrated that they are cognizant of the challenges facing the company and recognize that we have a common goal to succeed and be internationally competitive."
 This pattern-setting agreement commenced May 1, 1993 with wage provisions of 0 percent, 1 percent, 1.5 percent in years one, two and three respectively with a wage reopener at the end of the third year for years four and five.
 Other features include improvements to the pension plan, a commitment to implement work restructuring at the local level, and an initiative that would see the union and the company jointly develop and administer an educational program to improve employees' skills and efficiency at each division.
 It was agreed that the job security language in the existing contract will continue for the life of the new agreement. The company remains committed to developing cooperative solutions with the union in order to minimize the impact of any future reductions that result from changes in company operations and made additional provisions for leave of absence and further educational initiatives.
 "In reaching this agreement, not only did we consider the needs of our employees and communities, but also the requirement to be a consistent and reliable supplier to our customers," said Ron Oberlander, President and CEO. "In addition, the contract is a reflection of our commitment to be fiscally responsible to our shareholders."
 The contract covers 3,500 employees at seven of the company's mills in Newfoundland, Ontario and Quebec.
 Abitibi-Price, a Canadian-based forest products company, manufactures newsprint and uncoated groundwood papers at eleven mills in North America and markets these products to customers around the world. The company is also a converter and distributor of paper and other information-related products.
 -0- 6/4/93
 /CONTACT: William S. Brown, vice president, corporate communication, 416-369-6981, or Robert J. Tait, manager, investor relations, 416-369-6789, both of Abitibi-Price/
 (ABY)


CO: Abitibi-Price ST: Ontario IN: PUB SU:

LD -- NY072 -- 5680 06/04/93 19:17 EDT
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Publication:PR Newswire
Date:Jun 4, 1993
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