Onex Corp.(ONEX:TSX) WestJet Airlines Pilots Reach Tentative Agreement for Hourly Raise and Benefits

Onex Corp Stock Forecast:

According to the forecast from 7 analysts, the average target price for Onex Corp stock over the next 12 months is CAD 88.00. The average analyst rating for the stock is “Buy.” However, Stock Target Advisor‘s analysis of Onex Corp suggests a bearish outlook, based on 3 positive signals and 11 negative signals.

Currently, Onex Corp’s stock price is CAD 62.20, and it has experienced a positive change of +4.78% over the past week. However, it has declined by -0.30% over the past month and -17.39% over the last year.

Onex Corp. News:

In a significant development for WestJet Airlines, pilots are set to receive a substantial hourly raise and additional pay and benefits as part of a recently reached tentative agreement between Onex Corp‘s WestJet and the Air Line Pilots Association (ALPA). The agreement, which was finalized in May, came just in the nick of time, averting an anticipated strike at Canada’s second-largest carrier.

According to a copy of the agreement seen by Reuters on Friday, WestJet pilots will receive a 24% hourly raise over a span of four years. This raise is a remarkable achievement and recognizes the dedication and skills of WestJet’s pilots who play a crucial role in ensuring safe and efficient air travel for passengers. The agreement also includes provisions for back pay, extending from January 1, and introduces additional benefits along with a restructuring of retirement funds.

Another significant aspect of the agreement is the integration of WestJet’s budget carrier, Swoop, into its mainline operations. This move signifies a consolidation of flight operations and aligns with WestJet’s overall strategy for optimized efficiency and streamlined service. By fully integrating Swoop by October 2024, WestJet aims to enhance its operational cohesion and deliver a consistent experience to its passengers.

The tentative agreement between WestJet and ALPA represents a milestone in labor relations within the aviation industry. It demonstrates a cooperative spirit and a commitment to finding mutually beneficial solutions that address the concerns and aspirations of pilots. By avoiding a strike, WestJet can maintain its operational stability, ensuring minimal disruption to its flight schedules and the travel plans of its customers.

About Onex Corp.:

Onex Corporation is a private equity firm that specializes in acquisitions and platform acquisitions. They invest in various markets, including technology, aerospace, healthcare, retail, entertainment, real estate, and more. Their investments range from buyouts to distressed companies, recapitalization, growth capital, and operational restructurings.  Onex Corp. acquired West Jet Airlines on December 11th, 2019.

Onex Corporation was founded in 1984 and is based in Toronto, Canada, with offices in New York, New Jersey, Boston, and London. They primarily focus on global businesses headquartered in North America or Europe, with investments between $125 million and $1 billion in companies generating minimum revenues of $300 million.

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