AUGUSTA – The Waterville Typographical Union Local 643, which represents 32 news, advertising and finance employees of the Kennebec Journal, signed a four-year labor agreement Wednesday with MaineToday Media, the state’s largest media company.

Union employees of the Kennebec Journal, Maine’s oldest daily newspaper, will receive a 5 percent wage increase under the agreement. MaineToday Media owns the Kennebec Journal, the Morning Sentinel in Waterville and The Portland Press Herald.

The contract also provides the company greater flexibility in determining employee benefits packages, upon consultation with the union, and introduces a new commission-only compensation plan for the Kennebec Journal’s advertising executives.

Richard L. Connor, chairman and chief executive officer of MaineToday Media, said the agreement builds on an already strong relationship with the union members of the Kennebec Journal and puts the newspaper on a stronger footing for the future.

“As this industry evolves, it’s imperative that management and employees work cohesively for mutual benefit,” Connor said.

“This new contract signals the willingness of KJ employees to work together with us in these nationally challenging times.”

Betty Adams, a reporter for the Kennebec Journal and president of the Waterville Typographical Union Local 643, said, “We are pleased to have a new contract in place. This allows us to concentrate on continuing to produce good products that keep our readers informed.”