NORWALK, Conn.--(BUSINESS WIRE)--Please replace the release due to changes to the "Forward-Looking Statements" section of the release.
The corrected release reads:
FRONTIER COMMUNICATIONS AND COMMUNICATIONS WORKERS OF AMERICA REACH AGREEMENT IN CALIFORNIA
Securing Additional California Jobs
Frontier Communications Corporation (NASDAQ: FTR) and the Communications Workers of America District 9 (CWA) are pleased to announce the signing of an agreement that will benefit CWA-represented employees and Frontier’s future customers in California. The agreement is an important step forward in the process to complete Frontier’s planned acquisition of Verizon’s wireline business assets in California. The CWA, representing approximately 3,400 Verizon employees in California, supports the proposed acquisition and believes approval of this transaction is in the public and employees’ interest.
Under the agreement, and after the transaction closes in the first half of 2016, Frontier will increase its workforce in California with at least 150 new, union-represented positions. The agreement also provides for new customer service jobs in California.
Frontier and the CWA have agreed to partner to bring the best possible products and services to California. By ensuring the workforce has a clear picture of how the acquisition will affect employees, these dedicated men and women can continue focusing on delivering state-of-the-art broadband, voice and video services to residential and business customers.
Frontier has agreed to honor and extend current collective bargaining agreements. Highlights of the agreement include:
- The addition of 150 new union jobs in California;
- Employee job security and guaranteed workforce size;
- Extend the existing contract for two years with wage increases in each year;
- Operational flexibility to enhance the service experience for customers;
- All union employees will receive 100 shares of Frontier restricted stock upon the closing of the transaction to demonstrate Frontier’s commitment to its newest employees and their ownership in the company’s success; and
- Frontier commits to a 100% U.S.-based workforce
As part of this agreement, Frontier and the CWA will form a Partnership Forum that will promote innovation of Frontier’s products and services and the service experience our customers receive. All commitments by Frontier are designed to ensure the workforce stays highly motivated and trained to deliver the best possible service to its future customers in California.
“All discussions with the CWA about the Verizon acquisition have been open and productive,” said Daniel J. McCarthy, President and Chief Executive Officer of Frontier. “Our success in the highly competitive California workplace is dependent on the partnership with our CWA- represented employees. Every day, employees bring their service commitment to the workplace and that commitment will enable Frontier to deliver on our core promise to ‘Put the Customer First.’ We’re extremely pleased the CWA has agreed to support us as we move forward in California. We plan to build on this partnership over the months and years ahead as we continue to invest in people and infrastructure across the state.”
Tom Runnion, Vice President of CWA District 9, said, “After several sessions of intense negotiations, we have reached an agreement that’s in the best interests of telecommunications workers and consumers in California. As we move forward in this partnership with Frontier, CWA members will continue to provide customers with the quality service they expect and deserve.”
The agreement between Frontier and CWA is contingent upon the consummation of the proposed transaction, which requires approval by the Federal Communications Commission (FCC) and California Public Utilities Commission (CPUC).
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 17,800 employees are based entirely in the United States. More information is available at www.frontier.com.
About Communication Workers of America
The Communications Workers of America represents 700,000 workers in telecommunications, media, airlines, public service and manufacturing.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. These statements are made on the basis of Frontier management’s views and assumptions regarding future events and business performance. Words such as “believe,” “anticipate,” “expect” and similar expressions are intended to identify forward-looking statements. Forward-looking statements (including oral representations) involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. 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 Frontier’s filings with the U.S. Securities and Exchange Commission, including but not limited to Frontier’s reports on Forms 10-K and 10-Q. These risks and uncertainties may cause Frontier’s actual future results to be materially different than those expressed in the forward-looking statements contained in this press release. We do not undertake to update or revise these forward-looking statements.
