Williams Communications to be spun off from parent

Saturday, March 31st 2001, 12:00 am
By: News On 6

(Tulsa-AP) -- Tulsa-based Williams has announced it will spin off its affiliate Williams Communications.

Williams says the move to spin off the communications company was a logical step to boosting value for shareholders.

Williams' board announced today that it plans to distribute about 95 percent of the Williams Communications common stock it currently owns to holders of Williams common shares as a tax-free dividend.

Williams Communications doubled its revenue during the past year.