Agreement Provides Additional Jobs, Restricted Stock in Frontier,
and Funding for Supplemental Job Training
NORWALK, Conn.--(BUSINESS WIRE)--
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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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;
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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, 916-686-3333
steven.crosby@ftr.com
or
Brigid
M. Smith, 203-614-5042
brigid.smith@ftr.com
or
IBEW
Contact:
Mark Brueggenjohann, 202-728-6014
Mark_Brueggenjohann@ibew.org
Source: Frontier Communications Corporation