LITTLE ROCK, Ark.--(BUSINESS WIRE)--
Windstream (NYSE: WIN) is restructuring its workforce as it continues to
transform to a broadband and business enterprise model.
The company plans to eliminate approximately 350 positions by the end of
the year to offset revenue pressure in the residential voice business
and to better align the company to focus on broadband and business
enterprise opportunities.
"These changes are difficult because they affect people, but are
necessary for Windstream to proactively manage the transformation of our
business model and to continue our industry-leading financial
performance," said Jeff Gardner, president and chief executive officer
of Windstream.
The company will seek volunteers, eliminate open positions and utilize
attrition as part of the reduction initiative to minimize the effect of
the changes.
Windstream expects to incur a charge of approximately $15 million in the
fourth quarter to pay severance benefits to affected employees.
Outplacement counseling also will be provided.
Windstream has approximately 7,100 employees.
About Windstream
Windstream Corporation is an S&P 500 company that provides phone,
high-speed Internet and high-definition digital TV services to customers
in 16 states. The company also offers a wide range of IP-based voice and
data services and advanced phone systems and equipment to businesses and
government agencies. The company has approximately 3 million access
lines and about $3.1 billion in annual revenues. Windstream is ranked
4th in the 2009 BusinessWeek 50 ranking of the best performing U.S.
companies. For more information about Windstream, visit www.windstream.com.
Information contained in this news release contains financial estimates
and other forward-looking statements that are subject to uncertainties
that could cause actual future events and results to differ materially
from those expressed in the forward-looking statements. These
forward-looking statements are based on estimates, projections, beliefs
and assumptions that Windstream believes are reasonable but are not
guarantees of future events and results. Actual future events and
results of Windstream may differ materially from those expressed in
these forward-looking statements as a result of a number of important
factors outlined under the caption "Risk Factors" in Windstream's Form
10-K for the year ended Dec. 31, 2008 and in other company filings with
the Securities and Exchange Commission at www.sec.gov.