Southwest Airlines (LUV), Pilots Union Reach Tentative Agreement Over New Contract

August 29, 2016 5:28 PM EDT

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Southwest Airlines Co. (NYSE: LUV) announced that it has reached a tentative agreement (TA) on the terms of a new contract for its Pilots.

"We appreciate our Pilots and recognize their role in the Company's success," said Executive Vice President and Chief Operating Officer Mike Van de Ven. "With the support and assistance of the NMB, the negotiating teams were able to reach an agreement that balances the needs of our Pilots and the Company."

The Negotiating Committees will work this week to draft final language. Once complete, the agreement will go through the normal union ratification process. Dates and details on a ratification vote will be announced in the days ahead.

The current Pilot contract became amendable September 1, 2012. The Southwest Airlines Pilots' Association represents approximately 8,000 Pilots.

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