Southwest Airlines Company (LUV) said it has reached a tentative agreement with the Southwest Airlines Pilots’ Association that offers wage increases and work-rule changes.
The airline said the union will conduct a ratification vote that could end more than three years of negotiations. Union Leaders will communicate with pilots over the next few weeks to share the details and terms of the agreement. The ratification vote will close Nov. 4. If Pilots approve the deal, the contract will become amendable April 1, 2019.
Southwest employs more than 8,000 pilots.
LUV closed higher 1% and then shed 0.3% in after-hours trade on Thursday, In the upper half of the 52-week range between $28.40 and $47.17. It was inactive in recent pre-market trade.