OREANDA-NEWS. December 31, 2015. Southwest Airlines Co. (NYSE: LUV) today announced a new tentative agreement with Transport Workers Union Local 555, the union that represents more than 12,000 Southwest Ground Operations, Provisioning, and Cargo Agents. The Union's Executive Board reviewed an Agreement in Principle that negotiators reached December 23rd and decided to conduct a ratification vote that could end more than four years of negotiations.

The Company said that the new contract not only improves wages and benefits, but it also enhances Southwest's competitive standing within the industry.

"I am grateful to the Company and Union negotiators who shaped this agreement," said Vice President Ground Operations Steve Goldberg. "We wanted a rewarding contract that our Employees would support, as well as one that supports our Company's low-fare structure and growth opportunities, and we believe this agreement achieves those objectives."

Over the next few weeks, the Union will share the terms of the agreement with its members and conduct a ratification vote. If approved, the contract will become amendable in 2021.

Southwest operates a network of 97 destinations across the United States and seven additional countries with more than 3,900 departures a day during peak travel season.