CALGARY, Sep. 7, 2017 /PRNewswire/ - Teamsters Canada Rail
Conference – Train & Engine (TCRC-T&E) and Canadian Pacific
(TSX:CP) (NYSE:CP) have agreed on a one-year renewal of the
existing collective agreement. The agreement, which is subject to
ratification, offers CP's Canadian conductors and engineers a
number of benefits and certainty over the next year, while
protecting customers' and future customers' interests.
"I commend the TCRC-T&E leadership for their hard work on
this and look forward to working with them over the next year to
build the framework for a longer-term agreement based on trust and
the best interests of our employees and all stakeholders," said
Keith Creel, CP President and Chief
Executive Officer. "The renewal of the collective agreement for a
one-year period is the best possible news for our hard working
engineers and conductors, their families, our customers and
shareholders, and the 9,000 other employees in our CP family."
Earlier this summer, CP proposed to TCRC-T&E leadership a
one-year renewal of the current agreement, which was set to expire
December 31, 2017.
"We continue to work productively with all of our union partners
to achieve long-term, innovative and sustainable agreements that
balance the needs of CP's business with the needs of our
employees," Creel said.
2017 has been a successful year for concluding new labour
agreements. In April, CP and the United Steel Workers reached a new
five-year agreement. Soo Line Railroad and Smart – TD, which
represents conductors and trainmen, implemented an hourly agreement
in the same month. In May, the Soo Line Railroad and American
Train Dispatchers Association implemented a new six-year agreement.
In July, CP and the Teamsters Canada Rail Conference Maintenance of
Way Employees Division announced a five-year collective bargaining
agreement. Also in July, CP came to a six-year agreement with the
International Association of Machinists and Aerospace Workers. The
company agreed on a six-year deal with the Transportation
Communication Union – Soo Line – in
August.
TCRC-T&E represents approximately 3,000 Canadian
conductors and engineers at CP.
Forward Looking Statement
This news release contains certain forward-looking information
within the meaning of applicable securities laws relating, but not
limited, to the ratification and anticipated future benefits and
obligations under the agreement. This forward-looking
information may also include, but is not limited to, statements
concerning expectations, beliefs, plans, goals, objectives,
assumptions and statements about possible future events,
conditions, and results of operations or performance.
Forward-looking information may contain statements with words or
headings such as "financial expectations", "key assumptions",
"anticipate", "believe", "expect", "plan", "will", "outlook",
"should" or similar words suggesting future outcomes.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from the
forward-looking information. Forward-looking information is not a
guarantee of future performance. By its nature, CP's
forward-looking information involves numerous assumptions, inherent
risks and uncertainties that could cause actual results to differ
materially from the forward-looking information, including but not
limited to the following factors: changes in business strategies;
general North American and global economic, credit and business
conditions; risks in agricultural production such as weather
conditions and insect populations; the availability and price of
energy commodities; the effects of competition and pricing
pressures; industry capacity; shifts in market demand; changes in
commodity prices; uncertainty surrounding timing and volumes of
commodities being shipped via CP; inflation; changes in laws and
regulations, including regulation of rates; changes in taxes and
tax rates; potential increases in maintenance and operating costs;
uncertainties of investigations, proceedings or other types of
claims and litigation; labour disputes; risks and liabilities
arising from derailments; transportation of dangerous goods; timing
of completion of capital and maintenance projects; currency and
interest rate fluctuations; effects of changes in market conditions
and discount rates on the financial position of pension plans and
investments; and various events that could disrupt operations,
including severe weather, droughts, floods, avalanches and
earthquakes as well as security threats and governmental response
to them, and technological changes. The foregoing list of
factors is not exhaustive.
These and other factors are detailed from time to time in
reports filed by CP with securities regulators in Canada and the
United States. Reference should be made to "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations - Forward-Looking Information" in CP's
annual and interim reports on Form 10-K and 10-Q. Readers are
cautioned not to place undue reliance on forward-looking
information. Forward looking information is based on current
expectations, estimates and projections and it is possible that
predictions, forecasts, projections, and other forms of
forward-looking information will not be achieved by CP. Except as
required by law, CP undertakes no obligation to update publicly or
otherwise revise any forward-looking information, whether as a
result of new information, future events or otherwise.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the
United States with direct links to eight major ports,
including Vancouver and
Montreal, providing North American
customers a competitive rail service with access to key markets in
every corner of the globe. CP is growing with its customers,
offering a suite of freight transportation services, logistics
solutions and supply chain expertise. Visit cpr.ca to see the rail
advantages of CP. CP-IR
SOURCE Canadian Pacific