Today SWA Mechs OK'ed a three year contract extension. They got something like a 3.5% pay raise per year and up to a 3% profitiblity bonus. SWA also threw some more stock options at em. Voting was close 53% for extension/46% against. Thats just the way the company likes it.
SWA Mechs are, and have been, the highest paid Mechs in the airline industry. Overall, I believe this extension is good for the company avoiding a Section 6, and keeping costs down to a minimum.
Southwest Airlines' Mechanics OK Pact Extension
DALLAS (Dow Jones)--Southwest Airlines Co. (NYSE:LUV)'s (LUV) 1,500 mechanics represented by the Aircraft Mechanics Fraternal Association have approved a three-year extension to their labor contract.
In a press release Wednesday, Southwest said the agreement was scheduled to become amendable in August, and will now become amendable in August 2008.
A representative for the mechanics' union wasn't immediately available for comment.
Company Web site http://www.southwest.com.
SWA Mechs are, and have been, the highest paid Mechs in the airline industry. Overall, I believe this extension is good for the company avoiding a Section 6, and keeping costs down to a minimum.
Southwest Airlines' Mechanics OK Pact Extension
DALLAS (Dow Jones)--Southwest Airlines Co. (NYSE:LUV)'s (LUV) 1,500 mechanics represented by the Aircraft Mechanics Fraternal Association have approved a three-year extension to their labor contract.
In a press release Wednesday, Southwest said the agreement was scheduled to become amendable in August, and will now become amendable in August 2008.
A representative for the mechanics' union wasn't immediately available for comment.
Company Web site http://www.southwest.com.
