Late Friday night, Southwest Airlines Co. (NYSE: LUV) reached a tentative agreement with the Transport Workers Union (TWU) Local 555, which represents 7,780 ground workers, including those employed in operations, on ramps, as well as freight workers. The deal comes after more than 13 months of negotiations. The tentative deal, which has yet to be voted on by all TWU members, would run for three years, through June 30, 2011 (the current contract opened for changes on June 30 of last year).
In a company-issued press release, LUV CEO, President, and Chairman, Gary Kelly, noted that, "The negotiation process has been long and arduous - both negotiating committees have certainly worked diligently and in good faith . . . we urge our Employees to give serious consideration to the tentative agreement."
LUV shares had a rocky day on Friday, losing nearly 4%. The stock nose-dived into single-digit territory in late January and is currently hovering around a 52-week low.
Beth Gaston Moon works for WeSeed.com, "The stock market for the rest of us." The above comments are not intended as trading or investment advice.
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