Southwest Air In JV With St. Joe For New Service
October 21 2009 - 3:19PM
Dow Jones News
Southwest Airlines Co. (LUV) said Wednesday that it would be the
launch carrier for a new privately developed airport in
Florida.
The airport is being developed by The St. Joe Company (JOE), one
of Florida's largest landowners.
St. Joe shares were recently up 7.3% at $28.88.
Southwest, the largest U.S. domestic carrier by traffic, will
start flying to four cities from the Northwest Florida-Panama City
International Airport when it opens in May 2010.
Southwest added four new cities this year and is continuing to
expand service through efficiency gains despite slowing its
expansion plans amid the industrywide slump in traffic.
Gary Kelly, Southwest's chairman and CEO, said at a press
conference that the Florida Panhandle region attracts 16 million
visitors a year, most of whom travel by car.
St. Joe will "effectively subsidize" the service for three
years, he said, with both companies being able to walk away from
the deal after two years.
-By Doug Cameron, Dow Jones Newswires; 312-750-4135;
doug.cameron@dowjones.com
St Joe (NYSE:JOE)
Historical Stock Chart
From Mar 2024 to Apr 2024
St Joe (NYSE:JOE)
Historical Stock Chart
From Apr 2023 to Apr 2024
