Todd Shipyards said Thursday it has struck a deal with its employees on a new five-year collective bargaining agreement. The agreement reached between...

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Todd Shipyards said Thursday it has struck a deal with its employees on a new five-year collective bargaining agreement.

The agreement reached between the Seattle company and Puget Sound Metal Trades Council — the umbrella organization for 11 unions — calls for an average wage, health care and pension increase of 4.5 percent per year. The deal was ratified by two-thirds of Todd’s employees.

The previous contract expired last July, but had been extended while the two sides continued negotiations.

Four hundred of Todd’s 500-plus employees, as well as another 400 on the company’s recall list, belong to the unions.