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CVS Caremark Corporation : CVS Caremark and United Food & Commercial Workers Union Announce Cooperation Agreement in 500 Stores

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01/17/2013 | 03:23pm EDT
CVS Caremark and United Food & Commercial Workers Union Announce Cooperation Agreement in 500 Stores

Five-Year Agreement Broadens Longstanding Relationship Between Company and Union in Three California Metro Areas

Woonsocket, RI and Washington, DC-CVS Caremark and the United Food & Commercial Workers (UFCW) today announced they have signed a Cooperation Agreement giving CVS/pharmacy employees at approximately 500 stores in the metropolitan Los Angeles, San Francisco, and San Diego areas the opportunity to vote on whether or not they want to be represented by the union.  

According to CVS Caremark and the UFCW, this Cooperation Agreement will help promote the success of the company and demonstrates the shared commitment of both parties to ensuring that employees have the right to choose whether to be represented by a union without pressure or undue influence.

"This agreement is fair and reasonable for our employees and the company," said Larry J. Merlo, President and CEO of CVS Caremark. "It enables CVS Caremark to focus all of its energy and resources on our purpose of helping people on their path to better health."

"Allowing CVS employees the freedom to choose a union is the right thing to do," said Joe Hansen, International President of the UFCW. "We share a commitment to making retail jobs secure, allowing workers to pay their bills, raise a family and live a middle class life."

The five-year agreement also establishes a quick and simple election process that allows workers to vote on whether or not to join the union.

There are more than 8,300 CVS/pharmacy employees who are currently UFCW members in 11 states and in the District of Columbia. In California, CVS recognized the workers' union in about 100 former Sav-On stores following the company's acquisition of those stores in 2006.  Under this new cooperative agreement, both parties have agreed to extend the existing collective bargaining agreement for other California CVS/pharmacy employees to incoming union members for the next five years.

About CVS Caremark
CVS Caremark is dedicated to helping people on their path to better health as the largest integrated pharmacy company in the United States. Through the company's more than 7,400 CVS/pharmacy stores; its leading pharmacy benefit manager serving more than 60 million plan members; and its retail health clinic system, the largest in the nation with more than 600 MinuteClinic locations, it is a market leader in mail order, retail and specialty pharmacy, retail clinics, and Medicare Part D Prescription Drug Plans.  As a pharmacy innovation company with an unmatched breadth of capabilities, CVS Caremark continually strives to improve health and lower costs by developing new approaches such as its unique Pharmacy Advisor program that helps people with chronic diseases such as diabetes obtain and stay on their medications.  Find more information about how CVS Caremark is reinventing pharmacy for better health at info.cvscaremark.com.

About UFCW
The United Food and Commercial Workers International Union (UFCW) represents more than 1.3 million workers, primarily in the retail and meatpacking, food processing and poultry industries. The UFCW protects the rights of workers and strengthens America's middle class by fighting for health care reform, living wages, retirement security, safe working conditions and the right to unionize so that working men and women and their families can realize the American Dream. For more information about the UFCW's effort to protect workers' rights and strengthen America's middle class, join our online community on Facebook.

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Financials ($)
Sales 2019 252 B
EBIT 2019 13 730 M
Net income 2019 6 511 M
Debt 2019 62 731 M
Yield 2019 3,76%
P/E ratio 2019 10,56
P/E ratio 2020 9,35
EV / Sales 2019 0,52x
EV / Sales 2020 0,48x
Capitalization 68 218 M
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 72,0 $
Spread / Average Target 37%
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Larry J. Merlo President, CEO & Non-Independent Director
David Wyatt Dorman Chairman
Jonathan C. Roberts Chief Operating Officer & Executive Vice President
Eva C. Boratto Chief Financial Officer & Executive Vice President
Troyen A. Brennan Chief Medical Officer & Executive Vice President
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