CALGARY, AB, March 20, 2022 /CNW/ - Canadian Pacific Railway
Limited (TSX: CP) (NYSE: CP) said that while the company was still
engaged in ongoing negotiations facilitated by federal mediators,
the Teamsters Canada Rail Conference (TCRC) withdrew its services
and issued a news release misrepresenting the status of the
talks.
"We are deeply disappointed that, in the final hours before a
legal strike or lockout was to potentially occur, the TCRC
Negotiating Committee failed to respond to the company's latest
offer that was presented to them by the federal mediators," said
Keith Creel, CP President and Chief
Executive Officer. "Instead, the TCRC opted to withdraw their
services before the deadline for a strike or lockout could legally
take place. The TCRC is well aware of the damage this reckless
action will cause to the Canadian supply chain."
Additionally, prior to the midnight deadline, the TCRC
Negotiating Committee issued a news release that completely
misrepresented the truth. The release falsely claimed that CP had
initiated a lockout. Contrary to the TCRC Negotiating Committee's
claim, the work stoppage was initiated by the TCRC. In reality, it
was CP, with the Director General, Federal and Conciliation
Services, that remained waiting at the table with the desire to
continue bargaining.
This is clearly a failure of the TCRC Negotiating Committee's
responsibility to negotiate in good faith. The company will be
reviewing avenues to have this egregious behavior properly
addressed.
As a result of the TCRC's action, CP is executing a safe and
structured shutdown of its train operations across Canada and will work closely with customers to
wind-down Canadian operations.
TCRC represents approximately 3,000 locomotive engineers,
conductors, train and yard workers across Canada.
CP has launched a fact-based information hub with materials
about negotiating history and the issues and consequences of a work
stoppage. Visit cpr.ca/TCRC2022 to learn more.
Forward looking information
This news release
contains certain forward-looking information within the meaning of
applicable securities laws relating, but not limited to, collective
bargaining between CP and its labour unions, potential work
stoppage and CP's business, operations and service. This
forward-looking information also includes, 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
"Item 1A - Risk Factors" and "Item 7 - 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 major ports on the west and east coasts. CP provides 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
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SOURCE Canadian Pacific