The Times has been seeking new agreements with seven unions in the hope of reducing staffing at the Edison plant.
The fifth contract was for the Edison plant, which, as a new workplace, required a new contract.
The company said it was unclear whether there would be additional charges against earnings in 1992 connected with the planned opening of the Edison plant.
It will sublet the Edison plant, the company said.
The Edison plant, 53 years old, will close by 2004, costing 1,600 jobs.
The pressmen have a contract that sets the number of union members to operate each press at the Edison plant through 1997.
It was the start of the Ranger line at the Edison plant in 1989 that had returned the factory to a full two shifts.
The move would most likely result in the loss of several hundred jobs at Revlon's Edison plant.
The ruling applies only to the Edison plant.
Mr. Primis said the Edison plant would begin some operations early next year.