Southwest Airlines announced Sunday that it has reached an agreement in principle with its mechanics union for a new collective bargaining agreement.
This agreement came after a week of mediation, "including many long nights and early mornings," according to a joint statement from Southwest and the Aircraft Mechanics Fraternal Association.
Southwest will now work with the Aircraft Mechanics Fraternal Association to iron out the details and get a tentative agreement in place that will be voted on by the roughly 2,400 mechanics in the union.
The agreement reportedly includes a 20 percent raise on April 1, 2019, and a 3 percent annual pay increase on August 16 until 2023.
The proposal would run through August 16, 2024, and would give mechanics a $160 million "ratification bonus that is 401(k) and profit sharing-eligible."
Previously, Southwest had filed a lawsuit against its mechanics union, accusing it of unnecessarily grounding planes, leading to an "operational emergency" in February.