Delta + Northwest = World's largest airline

Delta Air Lines and Northwest Airlines, which both serve Hawaii, on Monday announced a merger agreement that creates the world's largest carrier.

Officials for the Atlanta-based Delta (NYSE: DAL) and Northwest (NYSE: NWA), based in Eagan, Minn., say the new airline, to be called Delta, will be more resilient to volatile fuel prices and well positioned to compete globally with foreign carriers.

Combined, the new airline and its regional partners will fly to more than 390 destinations in 67 countries.

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It will have more than $35 billion in aggregate annual revenues, employ 75,000 people, and operate about 800 aircraft.

Delta's world headquarters will be in Atlanta, with executive offices in Minneapolis/St. Paul and New York and international offices in Tokyo, Paris and Amsterdam.

Delta currently has many routes in the U.S. South, Mountain West and Northeast, and flies to Europe and Latin America.

Northwest has concentrated in the Midwest, Canada and Asia.

No hubs are expected to be closed, and employees will be provided seniority protection and equity.

Delta's pilot union also reached agreement on a post-merger contract.

The U.S. airline industry has lost more than 150,000 jobs and lost nearly $30 billion since 2001.