CALGARY,
AB, Aug. 22, 2024 /PRNewswire/ - Canadian
Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) said, following the
direction issued by the Canadian Minister of Labour pursuant to
section 107 of the Canada Labour Code, the Canada Industrial
Relations Board (CIRB) convened an urgent case management
conference with CPKC at 9:00 p.m. ET
tonight. CPKC was prepared to fully address the resumption of
service given its obvious priority.
Unfortunately, the Teamsters Canada Rail Conference (TCRC)
representing the Train and Engine division and Rail Canada Traffic
Controller division refused to discuss any resumption of service,
and instead indicated that they wish to make submissions to
challenge the constitutionality of the Minister's direction, as
well as the CIRB's discretion to proceed with any
order. Another case management conference is now scheduled for
10:00 a.m. ET, tomorrow, Friday, Aug. 23 to further hear submissions by
the parties.
While the Minister directed that the CIRB proceed expeditiously,
any decision by the CIRB on the resumption of service will be
delayed. CPKC remains prepared to resume service as soon as it
is ordered to do so by the CIRB.
CPKC is disappointed by this delay, which will affect our
ability to resume serving the Canadian economy.
Forward looking information
This news release contains certain forward-looking information
within the meaning of applicable securities laws in both the U.S.
and Canada. This news release
contains forward-looking information relating, but not limited to,
collective bargaining between CPKC and its labour unions, potential
work stoppage and CPKC'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, CPKC'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 CPKC; 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 CPKC 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 CPKC'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 CPKC. Except as required by law, CPKC undertakes
no obligation to update publicly or otherwise revise any
forward-looking information, or the foregoing assumptions and risks
affecting such forward-looking information, whether as a result of
new information, future events or otherwise.
About CPKC
With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line
transnational railway linking Canada, the United
States and México, with unrivaled access to major ports from
Vancouver to Atlantic Canada to the Gulf of México to
Lázaro Cárdenas, México. Stretching approximately 20,000 route
miles and employing 20,000 railroaders, CPKC provides North
American customers unparalleled rail service and network reach to
key markets across the continent. CPKC is growing with its
customers, offering a suite of freight transportation services,
logistics solutions and supply chain expertise. Visit
cpkcr.com to learn more about the rail advantages of CPKC.
CP-IR
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SOURCE CPKC