Cincinnati Bell Reaches New Contract Involving 1,000 Workers

Cincinnati Bell Inc. (CBB), the Ohio-based telephone and wireless company, said it reached a new labor agreement with unions representing about 1,000 workers.

The tentative 39-month agreement with the Communications Workers of America was announced yesterday, hours before the current three-year deal was to expire, the Cincinnati-based company said in a statement. The union represents about about a third of the company’s 3,000 employees.

The pact includes pay raises and changes to pension and retirement benefits, the statement said, without providing further details.

Company spokeswoman Lisa McLaughlin wasn’t able to provide further details. Spokesmen for the union didn’t return phone call made to their offices.

Members of Locals 4400 and 4401 will vote on the agreement via mail ballot and the company expects the contract ratified in June, according to the statement.

On May 5, Cincinnati Bell reiterated its revenue forecasts for the quarter and the year. The stock rose almost 10 percent on Friday, the biggest gain in more than two years, according to data compiled by Bloomberg.

The company said it expected revenue for 2012 to be $1.4 billion, with profit excluding some costs of about $530 million.

Shares of Cincinnati Bell rose 29 cents, or 9.9 percent, to $3.23 on May 6. That’s the biggest jump since January 23, 2009, the data show.

To contact the reporter on this story: Jason Kelly in New York at jkelly14@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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