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United, Continental Pilots Approve New Labor Contract

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On Saturday, United Continental Holdings (NYSE: UAL  ) announced that pilots at its United Airlines and Continental Airlines subsidiaries, represented by the Air Lines Pilots Association, have ratified a new joint labor agreement. In a statement, United Continental asserted that the new contract improves "compensation, work rules, job protections, and retirement and benefits for the pilots."

Effective immediately and running through December 2016, the contract covers more than 12,000 pilots. Of the company's eligible pilots, 97.66% voted on the new contract, with 67% of voting pilots voting in favor. Henceforth, pilots working for both United and Continental will be governed by this single contract.

The company noted that the next step in bringing together the two groups of pilots will be integrating the seniority lists from both companies. United Continental said it will take several months to complete this process.

United Continental shares declined 0.2% in Friday trading, ahead of the announcement, closing at $23.01.

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