AB, Aug. 15, 2022 /CNW/ - Canadian Pacific
Railway Limited (TSX: CP) (NYSE: CP) today announced a new two-year
collective agreement with the Teamsters Canada Rail Conference
(TCRC) – Train and Engine following binding arbitration.
The new agreement includes a 3.5 percent wage increase in 2022
and 2023 and increased benefits. Under the arbitration decision,
the TCRC will also join a CP Pension Improvement Account. The new
collective agreement runs through 2023.
"CP welcomes the conclusion of arbitration and is pleased to
have completed this agreement with the TCRC Negotiating Committee,"
said CP President and CEO Keith
Creel. "We continue to work with our union partners to reach
agreements that meet the needs of our industry-leading railroaders
and allow us to grow our business as we provide essential services
for our customers and the North American supply chain."
TCRC represents approximately 3,000 locomotive engineers,
conductors, train and yard workers across Canada.
CP and TCRC agreed to enter binding arbitration in March 2022 to resolve outstanding matters as part
of a new collective agreement, including wages and pensions.
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,
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.
SOURCE Canadian Pacific