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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 14 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) January 26, 1998
MASTEC, INC.
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(Exact Name of Registrant as Specified in Charter)
Delaware 0-3797 59-1259279
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
3155 N.W. 77th Avenue, Miami, Florida 33122-1205
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (305) 599-1800
N/A
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events
On January 26, 1998, MasTec, Inc. announced that it had reached an
agreement with the unions representing its Spanish workforce regarding the terms
of a new collective bargaining agreement, subject to ratification and final
documentation. The agreement contemplates reductions in administrative
positions, reductions in certain non-wage compensation and increases in
productivity benchmarks. The agreement also contemplates an increase in base
wage rates for remaining union workers.
The Company has issued a press releases announcing the foregoing event,
copies of which are attached as exhibit 99.1 which is incorporated herein by
reference.
Item 7. Financial Statements and Exhibits.
(c)
99.1 Press release dated January 26, 1998.
SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: January 30, 1998. /s/ Edwin D. Johnson
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Edwin D. Johnson
Senior Vice President-
Chief Financial Officer
(Principal Financial Officer
and Authorized Officer)
NEWS
For Immediate Release From MasTec, Inc.
January 26, 1998 3155 N.W. 77th Avenue, Suite 135
Miami, Florida 33122-1205
Tel : (305) 599-1800
Fax : (305) 406-1908
For more information contact:
Edwin D. Johnson,
Chief Financial Officer
ejohnson@mastec.com
MASTEC, INC. ANNOUNCES LABOR AGREEMENT IN SPAIN
MIAMI, FL - MasTec, Inc. (NYSE: MTZ) announced today that it has reached an
agreement with the unions representing its Spanish workforce regarding the terms
of a new collective bargaining agreement, subject to ratification and final
documentation. The agreement contemplates reductions in administrative
positions, reductions in certain non-wage compensation and increases in
productivity benchmarks. The agreement also contemplates an increase in base
wage rates for remaining union workers.
The agreement culminates several months of negotiations with the labor unions.
Disagreement with the unions over contract renewal terms pre-date MasTec's
acquisition of Sintel from Telefonica and escalated when the Company filed an
application with Spanish labor authorities in September 1997 to substantially
restructure the workforce. Sintel suspended its application in November and
entered into mediation with the unions led by Sintel's new chief executive
officer, Juan Antonio Casanova.
Jorge Mas, Chairman and Chief Executive Officer, said: "We are satisfied to
announce that we have come to a mutually acceptable agreement to resolve our
labor impasse in Spain. We believe the new agreement will allow us to
aggressively pursue the expanding Spanish telecommunications infrastructure
market to the benefit of both the Company and its employees."
Opening the Lines of Communication(R) worldwide, MasTec is one of the world's
leading telecommunications and related infrastructure service providers, serving
clients throughout the United States, Latin America and Spain.
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