GE Reaches Tentative Deal With Its Two Biggest Unions

General Electricsaid on Sunday it had reached tentative agreements on new four-year labor contracts with the national leaders of its two largest unions.

GE , the parent company of CNBC, said the agreements are subject to review by union negotiating committees and ratification by union members by June 28.

The tentative agreements were reached Sunday after four weeks of bargaining between GE and the IUE-CWA and the United Electrical, Radio and Machine Workers of America (UE).

Terms of the new contracts will be extended to nine other unions that have local contracts with GE.

The 11 unions affected represent about 20,660 GE employees in the United States.

GE's existing four-year national contracts with the IUE-CWA and the UE expire at midnight on Sunday. GE said the tentative new agreements will provide significant improvements in wages, pensions and benefits.

"I think it's an agreement our members will recognize as a good one," said UE General President John Hovis in a statement.

The IUE-CWA/General Electric local union leaders will meet on Wednesday to submit the agreement to its members at GE for a ratification vote. The UE/GE Conference Board will meet on Tuesday to make a recommendation to its members.

If recommended for approval by union leaders, the ratification votes will be conducted by June 28.