Frontier Communications and International Brotherhood of Electrical Workers AFL-CIO Reach Agreement in California
October 02 2015 - 1:00PM
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) Local 543
are pleased to announce the signing of an agreement that will
benefit IBEW-represented employees in California 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 believes 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.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20151002005636/en/
IBEW Local 543 represents approximately 200 Verizon workers in
California; approximately 80,000 workers at private employers and
public utilities in the state are represented by various IBEW
locals. This agreement provides the IBEW Local 543-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
California 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 25 new union jobs in
California;
- Employee job security and guaranteed
workforce size;
- 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, "Frontier has a longstanding positive relationship
with the IBEW International and with IBEW locals in many of the
states where we provide service. The IBEW and Frontier worked
together to reach this important agreement in a challenging
economic and increasingly competitive business environment. Leaders
from the IBEW International and IBEW Local 543 partnered with
Frontier's team to ensure mutual success for our employees and our
customers, securing a positive agreement in support of the
acquisition."
Jerry Koger, Business Manager of San Bernardino IBEW Local 543
said: “Our members are dedicated to providing excellent customer
service every day for the people of California. The agreement shows
that by working together with Frontier, we can achieve mutual goals
that benefit customers and employees alike.”
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.
The agreement between Frontier and IBEW is contingent upon
applicable state and local approvals and the consummation of the
proposed transaction.
“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.”
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/20151002005636/en/
Frontier
Communications:Steve Crosby,
916-686-3333steven.crosby@ftr.comorBrigid M. Smith,
203-614-5042brigid.smith@ftr.comorIBEW:Mark Brueggenjohann,
202-728-6014Mark_Brueggenjohann@ibew.org
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