Williams Communications to become stand alone company

Monday, April 23rd 2001, 12:00 am
By: News On 6

(Tulsa-AP) -- Williams Communications is preparing to become a stand-alone company today as it completes its spin-off from Tulsa-based energy company, Williams.

Williams is distributing about 400 million shares of Williams Communications to shareholders of Williams stock. The distribution is to be a tax-free dividend issued at the close of business today.

Williams Communications president and C-E-O Howard Janzen says the spin-off gives the market a better view of the company's business strengths. Janzen also says investors will be able to invest in a proven high-tech company.

Williams Communications sends signals over its fiber optic lines for long-distance carriers, Internet providers, news and broadcast centers and more than 600 television stations.