Frontier Communications and International Brotherhood of Electrical Workers AFL-CIO Reach Agreement in Florida
October 02 2015 - 12:00PM
Business Wire
Agreement Provides Additional Jobs,
Restricted Stock in Frontier, and Funding for Supplemental Job
Training
Frontier Communications Corporation (NASDAQ:FTR) and the
International Brotherhood of Electrical Workers (IBEW), AFL-CIO
Local 824 are pleased to announce the signing of an agreement that
will benefit IBEW-represented employees in Florida and Frontier’s
future customers in the state. The agreement is an important step
forward in the process to complete Frontier’s planned $10.54
Billion acquisition of Verizon’s wireline business and assets in
California, Florida and Texas. The IBEW supports the proposed
acquisition and believe it is in the public interest and the
interest of its members. The acquisition is expected to close at
the end of the first quarter 2016.
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View the full release here:
http://www.businesswire.com/news/home/20151002005570/en/
The IBEW Local 824 represents approximately 2,700 Verizon
workers in Florida; approximately 17,000 workers at private
employers and public utilities in the State are represented by
various IBEW locals. This agreement provides the IBEW Local 824
represented workforce at Verizon assurances for the acquisition and
how it will affect them. It also includes operational benefits to
allow Frontier to implement its local engagement model in the new
Florida markets. Reaching this agreement early allows these
dedicated men and women to focus on continuing to deliver
state-of-the-art broadband, voice and video services to Frontier’s
future residential and business customers.
Frontier has agreed to honor and extend current collective
bargaining agreements. Highlights of the latest agreement
include:
- The addition of at least 100 new union
jobs in Florida;
- Employee job security;
- A grant of 100 shares of restricted
stock of Frontier Communications Corporation to all transferring
employees;
- Competitive wage increases;
- Additional investments in employee
training by Frontier;
- Frontier continues its commitment to a
100% U.S.-based workforce.
Dan McCarthy, President & Chief Executive Officer of
Frontier stated, "Productive partnerships between unions and public
companies are critical to American companies achieving a
competitive advantage. Working together, leaders from Frontier
Communications, the IBEW International and IBEW Local 824 are
proving that we can lay the groundwork for a healthy, sustainable
and successful future. Together, we look forward to completing the
acquisition and working to make it a success for all involved."
Danny Alfonso, Business Manager of IBEW Local 824 said, “With
the commitment to quality and customer service that Frontier brings
to their current customers, our members are looking forward to
serving Frontier’s future Florida customers. Our members have and
will continue to provide excellent service to the Florida citizens.
This agreement shows that by working together with Frontier, we can
achieve mutual goals that benefit customers and employees.”
Both Frontier and the IBEW leaders collaborated on important
operational and economic issues, noted McCarthy but the most
important shared goal was putting the customer first. “I am proud
we are putting our future customers at the center of all we do and
delivering the highest-quality, most reliable communications
services in our expanded areas,” McCarthy said.
“We believe that labor and management can achieve more by
working together, not against each other,” said IBEW International
President Lonnie R. Stephenson. “This agreement is a win for
workers, a win for management and, most of all, a win for the
consumer.”
The agreement between Frontier and IBEW is contingent upon
applicable state and local approvals and the consummation of the
proposed transaction.
About Frontier
Communications
Frontier Communications Corporation (NASDAQ: FTR) offers
broadband, voice, video, wireless Internet data access, data
security solutions, bundled offerings, specialized bundles for
residential customers, small businesses and home offices and
advanced communications for medium and large businesses in 28
states. Frontier's approximately 18,200 employees are based
entirely in the United States. More information is available at
www.frontier.com.
About International Brotherhood of
Electrical Workers
The IBEW represents approximately 750,000 active members and
retirees who work in a wide variety of fields, including
utilities, construction, telecommunications,
broadcasting, manufacturing, railroads and government. The IBEW has
members in both the United States and Canada and stands out among
the American unions in the AFL-CIO because it is among the largest
and has members in so many skilled occupations.
Forward-Looking
Statements
This document contains "forward-looking statements," related to
future, not past, events. Forward-looking statements address our
expected future business and financial performance and financial
condition, and contain words such as "expect," "anticipate,"
"intend," "plan," "believe," "seek," "see," "will," "would," or
"target." Forward-looking statements by their nature address
matters that are, to different degrees, uncertain. These risks and
uncertainties include, but are not limited to: Frontier’s ability
to complete the acquisition of Verizon’s California, Florida and
Texas wireline operations, including the ability to complete the
financing of the acquisition; the ability to successfully integrate
the acquired operations into Frontier’s existing operations; the
sufficiency of the assets to be acquired from Verizon to enable the
combined company to operate the acquired business; the ability to
enter into or obtain, or delays in entering into or obtaining,
certain agreements and consents necessary to operate the acquired
business as planned; the ability to obtain, delays in obtaining or
adverse conditions contained in any required regulatory approvals
for the Verizon transaction; and the other factors that are
described in our filings with the U.S. Securities and Exchange
Commission, including our reports on Forms 10-K and 10-Q. These
risks and uncertainties may cause our actual future results to be
materially different than those expressed in our forward-looking
statements. We do not undertake to update or revise these
forward-looking statements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151002005570/en/
Frontier Communications Contacts:Steve Crosby,
916-686-3333steven.crosby@ftr.comorBrigid M. Smith,
203-614-5042brigid.smith@ftr.comorIBEW Contact:Mark
Brueggenjohann, 202-728-6014Mark_Brueggenjohann@ibew.org
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