CALGARY,
AB, March 17, 2023 /CNW/ - Canadian Pacific
(TSX: CP) (NYSE: CP) ("CP") today announced it has reached a
tentative collective agreement with the Teamsters Canada Rail
Conference Maintenance of Way Employees Division (TCRC-MWED)
covering approximately 2,600 engineering services employees in
Canada.
"By working collaboratively with our valued union partners,
we've reached another negotiated tentative agreement this year,"
said Keith Creel, CP's President and
CEO. "We thank the TCRC-MWED for working collaboratively with us
throughout this negotiation. This tentative agreement is a
testament to the hard work and commitment of both sides."
Details of the tentative agreement will not be released publicly
until the agreement has been ratified.
CP has successfully negotiated agreements with multiple unions
representing craft employees in recent months, resulting in the
ratification of 16 agreements in 2023 in Canada and the
United States.
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, 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: ratification of the tentative
agreement; 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
View original
content:https://www.prnewswire.com/news-releases/cp-and-tcrc-mwed-reach-tentative-collective-agreement-301775280.html
SOURCE Canadian Pacific