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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Southwest Airlines Co | NYSE:LUV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.23 | -0.87% | 26.18 | 26.69 | 25.945 | 26.43 | 7,801,950 | 20:31:22 |
Southwest Airlines Co. and the union that represents its 12,000 flight attendants said Friday they have reached tentative agreement on a new labor contract, more than a year after 87% of the workers rejected an earlier pact.
Southwest and its pilots union last month also reached agreement in principle on a new four-year labor agreement, following four years of talks and an earlier failed proposal. The company has 8,400 pilots
Dallas-based Southwest, the nation's No. 4 carrier by traffic, has been buffeted by sharp and unusual labor dissent recently as its mostly unionized workers became impatient with lengthy negotiations as the airline is producing record profits. Southwest, which already pays its workers well, is trying to hold the line on labor expenses and win new productivity.
But the logjam appears to be broken, with back-to-back agreements with two big unions.
The Transport Workers Union local that represents the cabin-crew employees, said Friday that its board will review the language in the new pact. Two-thirds of the board need to agree to put the accord out for a ratification vote, which could take a month or more to conclude.
Southwest said it is pleased to have reached a tentative agreement with the flight attendants. Terms weren't disclosed.
The pilots union directors also are studying the language in their new proposed accord reached in August. They must decide whether to put it out for a vote, a process that could take until November.
In February 2016, a different TWU local that represents 12,000 Southwest ground workers approved a new five-year labor contract by a mere 75 votes.
Write to Susan Carey at susan.carey@wsj.com
(END) Dow Jones Newswires
September 09, 2016 18:15 ET (22:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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