FairPoint, unions reach deal over wages, pension

first_img## # Both agreements aresubject to ratification by the respective unions membership. “CWA is very pleasedwith the agreement we’ve been able to work out with FairPoint,” said ChrisShelton, District 1 vice president.  “We know the members we represent arethe best in the world at what they do.  With their experience and expertiseand FairPoint’s commitment to improving service to Maine, New Hampshire andVermont, the future looks bright for telecommunication in northern NewEngland.” All parties involvedin the negotiations were able to come to acceptable terms on a number of keyprovisions, including wage and pension increases for active employees,healthcare benefits for active employees and retirees, and 401(k)improvements.  “We are pleased wehave reached an agreement with the IBEW and CWA because of the crucial role theemployees represented by these organizations play in providing excellentcustomer service.  This agreement lays the foundation for goodrelationships going forward.  We’re looking forward to closing thetransaction and welcoming these employees into the FairPoint family,” said PeterNixon, president of FairPoint Communications. Source: FairPoint Communications,Inc., www.fairpoint.com(link is external). “Thislong-term agreement is a big step in alleviating the apprehension of ourmembership in changing companies. Now that this is out of the way, we canconcentrate on making the transition in the three northern states as seamless aspossible for our customers,” said Peter McLaughlin, chairman of IBEWSCT-9. PORTLAND, MAINE(March 24, 2008) – FairPointCommunications, Inc. (NYSE:FRP) today announced it has reached tentativeagreements with the T-9 Council of the International Brotherhood of ElectricalWorkers (IBEW) and Communications Workers of America (CWA), the two unionsrepresenting the approximately 2,500 employees       who will be continuing employment afterFairPoint’s acquisition of Verizon Communications’ landline and certain relatedoperations in Maine, New Hampshire and Vermont. The transaction is expected toclose on March 31, 2008. This communication shall notconstitute an offer to sell or the solicitation of an offer to buy anysecurities, nor shall there be any sale of securities in any jurisdiction inwhich such offer, solicitation or sale would be unlawful prior to registrationor qualification under the securities laws of any such jurisdiction.  Nooffering of securities shall be made except by means of a prospectus meeting therequirements of Section 10 of the Securities Act of 1933, as amended. FAIRPOINT COMMUNICATIONS REACHESTENTATIVE AGREEMENTS WITH IBEW & CWA UNIONS REPRESENTING 2,500MEMBERS AboutFairPointFairPointCommunications, Inc. is an industry leading provider of communications servicesto rural and small urban communities across the country. Today, FairPoint ownsand operates 30 local exchange companies in 18 states offering advancedcommunications with a personal touch including local and long distance voice,data, Internet, television and broadband services. FairPoint is traded on theNew York Stock Exchange under the symbol FRP.  Learn more at www.fairpoint.com(link is external).This press release may containforward-looking statements by FairPoint that are not based on historical fact,including, without limitation, statements containing the words ‘expects,”anticipates,’ ‘intends,’ ‘plans,’ ‘believes,’ ‘seeks,’ ‘estimates’ and similarexpressions and statements. Because these forward-looking statements involveknown and unknown risks and uncertainties, there are important factors thatcould cause actual results, events or developments to differ materially fromthose expressed or implied by these forward-looking statements. Such factorsinclude those risks described from time to time in FairPoint’s filings with theSecurities and Exchange Commission (“SEC”), including, without limitation, therisks described in FairPoint’s most recent Annual Report on Form 10-K on filewith the SEC.  These factors should be considered carefully and readers arecautioned not to place undue reliance on such forward-looking statements. All information is current as of the date this press release is issued, andFairPoint undertakes no duty to update this information. FairPoint has filed, and the SEC hasdeclared effective, a registration statement in connection with the proposedmerger.  FairPoint urges investors to read this document and othermaterials filed and to be filed by FairPoint relating to the proposed mergerbecause they contain and will contain important information.  Investors canobtain copies of the registration statement, as well as other filed documentscontaining information about FairPoint and the proposed merger, at www.sec.gov(link is external),the SECs website. Investors may also obtain free copies of these documents andFairPoints other SEC filings at www.fairpoint.com(link is external) under the Investor Relationssection, or by written request to FairPoint Communications, Inc., 521 E.Morehead Street, Suite 250, Charlotte, NC 28202, Attention: InvestorRelations.last_img