JACKSONVILLE, Fla. – The Teamsters reached a five-year tentative agreement with Anheuser-Busch breweries worldwide Wednesday one day before the current agreement expired, according to a release.

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The new agreement will significantly raise pay, improve health care and retirement benefits, and provide job security.

Anheuser-Busch CEO Brendan Whitworth said the company looks forward to formally ratifying the agreement.

“At Anheuser-Busch, we have said time and again that our people are our greatest strength, and we are incredibly pleased to have reached a tentative agreement that continues to recognize the talent, dedication, and hard work of our teams, while also positioning the Company for long-term success,” Whitworth said. “As America’s leading brewer, we have the best people and provide the best jobs in the beer industry, and together we are focused on what we do best: brewing great beer for everyone, showing up in the moments that matter for our consumers, and making a positive impact in our communities across the country.”

The full tentative agreement will be shared with the members and voting on the contract is expected next week.