CALGARY, April 19, 2017 /CNW/ - Canadian Pacific
(TSX:CP) (NYSE:CP) and the United Steelworkers (USW) Local 1976
today announced that a five-year labour agreement covering
approximately 600 administrative support and intermodal employees
in Canada has been ratified.
The agreement ensures wage increases of 2 percent each year over
the term of the contract and provides the opportunity for
additional increases of 0.5 percent to 1 percent in the fourth and
fifth years depending on gains in Revenue Ton Miles (RTMs).
The new agreement takes effect Jan. 1,
2018.
"This five-year agreement – negotiated and ratified early – is a
credit to the union leadership and its productive work at the
bargaining table on behalf of its membership," said Keith Creel, CP's President and Chief Executive
Officer. "CP's support staff personnel and intermodal employees are
integral to our company's best-in-class service and our future
success. This innovative agreement is an example of the positive
results that can be achieved when people work together in good
faith."
CP has successfully negotiated long-term agreements with six of
its seven Canadian unions, which include increased benefits and
annual wage increases. CP has reached out to its unions that have
agreements expiring at the end of 2017 to negotiate and implement
new contracts ahead of expiry.
Forward Looking Statement
This news release contains certain forward-looking information
within the meaning of applicable securities laws relating, but not
limited, to the 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 (TSX:CP)(NYSE:CP) 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.
SOURCE Canadian Pacific