NEW YORK--Sept. 13, 2004-- The New York Times announced today that members of the New York Newspaper Printing Pressmen's Union No. 2 ratified an agreement that significantly reduces staffing and that extends through March 30, 2017. The previous contract was set to expire on March 30, 2005. The new agreement: -- Reduces staffing by nearly 50 percent, to be introduced in two phases. The initial reduction, which is much larger and effective immediately, will be accompanied by a voluntary separation incentive program. -- Limits wage increases over the life of the contract to an annual average rate of 2.3 percent. -- Changes hiring procedures to permit greater diversity in the workforce. -- Increases operational flexibilities that will result in enhanced quality and efficiency. -- Provides the pressmen with bonuses that coincide with the two phases of staffing reductions and increased contributions toward healthcare. "We are very pleased with this contract, which we believe is a win-win for The Times and the union," said Jay I. Sabin, vice president, labor relations. "We will be able to operate more efficiently and stabilize our collectively bargained wage increases for many years to come." "This is a superior agreement, resulting from tough collective bargaining," said William Loftus, president, New York Newspaper Printing Pressmen's Union No. 2. "It strikes a fair balance between the interests of the union and the company. We now are looking forward to a positive working relationship with The Times over the long term of this agreement." The agreement covers New York Times pressmen employed at the newspaper's two printing facilities in Edison, New Jersey, and Flushing, New York.