CALGARY, Nov. 17, 2017 /CNW/ - Canadian Pacific (TSX:CP)
(NYSE:CP) and the Canadian Pacific Police Association (CPPA)
announced today a tentative, forward-looking five-year
agreement.
"CP is proud to announce another long-term agreement with a
valued union partner, this time the Canadian Pacific Police
Association," said Keith Creel, CP
President and Chief Executive Officer. "I give credit to the
negotiation teams on both sides for demonstrating outstanding
leadership and a commitment to collaboration in coming to this
progressive, long-term agreement well in advance of the upcoming
deadline."
The CPPA negotiating team worked diligently in the best interest
of its members while at the same time recognizing the overall
benefits for both sides.
"The end result being a tentative memorandum of settlement being
reached in a very professional and respectful manner," said
Stephen Ross, CPPA
President. "CPPA members take very seriously their commitment
to keeping company employees, assets and the general public safe in
relation to CP railway property and activities. This proposed
resolution is another example of our members' sincere
commitment."
The CPPA represents approximately 80 Canadian police officers
employed by CP. Highlights of the five-year deal include a wage
increase, added compassionate leave, expanded training
opportunities and an enhanced relocation expense allowance. The
memorandum of settlement has been forwarded for review of the CPPA
members and a ratification vote is expected to be conducted in the
near future.
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, customers and shareholders.
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