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) August 27, 1997
MASTEC, INC.
- --------------------------------------------------------------------------------
(Exact Name of Registrant as Specified in Charter)
Delaware 0-3797 59-1259279
- --------------------------------------------------------------------------------
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
3155 N.W. 77th Avenue, Miami, Florida 33122-1205
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (305) 599-1800
N/A
- --------------------------------------------------------------------------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. Other Events
On August 27, 1997, MasTec, Inc. announced that the Macri Group, one
of the largest commercial groups in Argentina, had agreed to be MasTec's
new 50% partner in Sintelar, S.A., MasTec's Argentinean telecommunications
construction subsidiary. Iecsa S.A., a subsidiary of SOCMA-Sociedad Macri,
will acquire the 50% interest for cash and Iecsa's existing
telecommunications infrastructure business, which will be merged into
Sintelar. The agreement between MasTec and the Macri Group also provides
that the two companies will pursue additional opportunities throughout
South America.
On September 3, 1997, MasTec, Inc. announced that its Spanish
subsidiary, Sintel, S.A., had petitioned the Spanish labor authorities to
approve a restructuring of Sintel's work force. The proposed restructuring
would result in approximately 1,400 of Sintel's workers being removed from
payroll and approximately 1,200 being rehired at lower cost either as
independent contractors or as employees of other Sintel non-union
affiliates. The petition only involves union workers principally in
Sintel's outside plant division servicing Telefonica de Espana, which
workers currently account for less than fifty percent of that division's
revenue.
On September 8, 1997, MasTec, Inc. announced that it had acquired
AIDCO, Inc. a company engaged in the installation and maintenance of voice,
date and video local-area networks. AIDCO operates primarily in the Western
and Midwestern states and is one of two master resellers of Sumitomo
Electric Lightwave FutureFlex air-blown fiber optic cabling systems,
providing technical support and product delivery throughout the United
States, Canada, and Mexico.
The Company has issued press releases announcing the foregoing events,
copies of which are attached as exhibit 99.1 and is incorporated herein by
reference.
Item 7. Financial Statements and Exhibits.
(c)
99.1 Press release dated August 27, 1997.
Press release dated September 3,1997.
Press release dated September 8, 1997.
<PAGE>
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: September 8, 1997. /s/ Edwin D. Johnson
___________________________
Edwin D. Johnson
Senior Vice President-
Chief Financial Officer
(Principal Financial Officer
and Authorized Officer)
<PAGE>
NEWS
For Immediate Release From MasTec, Inc.
August 27, 1997 3155 N.W. 77th Avenue, Suite 110
Miami, Florida 33122-1205
Tel : (305) 599-1800
Fax : (305) 406-1908
For more information contact:
Edwin D. Johnson,
Chief Financial Officer
[email protected]
MASTEC PARTNERS WITH MACRI GROUP
MIAMI, FL - MasTec, Inc. (NYSE: MTZ) announced today that the Macri Group, one
of the largest commercial groups in Argentina, has agreed to be MasTec's new 50%
partner in Sintelar, S.A., MasTec's Argentinean telecommunications construction
subsidiary. Iecsa S.A., a subsidiary of SOCMA-Sociedad Macri, will acquire the
50% interest for cash and Iecsa's existing telecommunications infrastructure
business, which will be merged into Sintelar. The agreement between MasTec and
the Macri Group also provides that the two companies will pursue additional
opportunities throughout South America.
SOCMA-Sociedad Macri is one of the leading construction and engineering
conglomerates in South America, with more than $3.5 billion in revenue and
25,000 employees. The group has built more than 3,000 kilometers of roads and
highways, 12 dams, various hydroelectric, thermal and nuclear energy plants and
extensive telecommunications and natural gas distribution networks. The group is
currently the largest toll road and highway concessionaire in Argentina. Through
other subsidiaries, SOCMA-Sociedad Macri also manufactures automobiles for
Peugeot and Fiat, provides systems integration services, cellular phone
services, and produces and distributes frozen foods. The Macri Group was
recently awarded a thirty year contract to operate the National Postal services
in Argentina, assuming responsibility for 20,000 postal employees in over 6,500
locations throughout the country.
Jorge Mas, President and Chief Executive Officer of MasTec, stated: "The
restructuring of our strategic alliances in Argentina brings us a powerful new
partner in the pursuit of the tremendous expansion opportunities that we
continue to see in Latin America. The Macri Group and Inepar, our joint venture
partner in Brazil, are two of the preeminent companies strategically positioned
to capitalize on the opportunities being presented in the Mercosur countries."
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. For more
information on MasTec, please see our web page at http://www.mastec.com.
###
<PAGE>
NEWS
For Immediate Release From MasTec, Inc.
September 3, 1997 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
[email protected]
MASTEC FILES LABOR PETITION IN SPAIN
MIAMI, FLORIDA - MasTec, Inc. (NYSE:MTZ) announced today that its
Spanish subsidiary, Sintel, S.A., has petitioned the Spanish labor authorities
to approve a restructuring of Sintel's work force. The proposed restructuring
would result in approximately 1,400 of Sintel's workers being removed from
payroll and approximately 1,200 being rehired at lower cost either as
independent contractors or as employees of other Sintel non-union affiliates.
The petition only involves union workers principally in Sintel's outside plant
division servicing Telefonica de Espana, which workers currently account for
less than fifty percent of that division's revenue.
The proposed restructuring is modeled after a tentative agreement
reached by Sintel and its labor unions in October 1996. The tentative agreement
was not implemented because one of Sintel's three unions failed to sign the
definitive contract. Sintel and its labor unions are currently operating under
the terms of a 1993 labor agreement. Since acquiring Sintel in April 1996,
MasTec has reduced Sintel's labor force, principally through voluntary
terminations, by approximately 200 workers. The Company expects a response to
the petition within the next 45 days.
Jorge Mas, President and Chief Executive Officer, said: "This petition
continues our efforts to enhance shareholder value by improving margins on
outside plant services to Telefonica. The petition does not affect Sintel's
other divisions or our strategy to diversify our customer base in Spain, which
is being pursued by non-union affiliates."
Opening the Lines of Communication(C) 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. For more
information on MasTec, please see our Web page at http://www.mastec.com.
###
<PAGE>
NEWS
For Immediate Release From MasTec, Inc.
September 10, 1997 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
[email protected]
MASTEC ANNOUNCES ACQUISITION OF AIDCO, INC.
MIAMI, FL - MasTec, Inc. (NYSE: MTZ) announced today the acquisition of AIDCO,
Inc. of Chino, California, a company engaged in the installation and maintenance
of voice, data and video local-area and wide-area networks. AIDCO operates
primarily in the Western and Midwestern states and is one of two master
resellers of Sumitomo Electric Lightwave FutureFlex(R) air-blown fiber optic
cabling systems, providing technical support and product delivery throughout the
United States, Canada, and Mexico. For more information on AIDCO, please visit
the AIDCO web site at http://www.aidco.com.
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. For more
information on MasTec, please see our Web page at http://www.mastec.com.
###
