CALGARY, Nov. 2, 2017 /CNW/ - Canadian Pacific
(TSX:CP) (NYSE:CP) is disappointed with the results of the
Teamsters Canada Rail Conference – Train & Engine
(TCRC-T&E) ratification vote, which saw a majority of those who
voted choosing not to approve the proposed one-year renewal of the
existing collective agreement.
"We look forward to working with the union membership to better
understand this result and to discuss next steps," said
Keith Creel, CP President and Chief
Executive Officer. "While disappointed, I have been clear that
we are focused on improving our relationship with our T&E
employees and that commitment remains unchanged."
CP has had a successful 2017 with its unions, negotiating a
number of long-term agreements ahead of expiry. These agreements
centered on a common vision that was in the best interests of the
entire CP family, our customers and our shareholders. The one-year
proposal to the TCRC-T&E was an early offer and consistent with
that approach.
CP is meeting with the union leadership today to discuss the
results of the vote and next steps leading to the renewal of the
collective agreement.
"We remain optimistic that we can come to a mutually beneficial
agreement with the TCRC–T&E – an agreement that meets the needs
of our Canadian conductors and engineers as well as our customers
and shareholders," Creel said.
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 ongoing
labour negotiations with CP's employee unions. 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