CALGARY,
AB, Aug. 22, 2024 /CNW/ - Canadian Pacific
Kansas City (TSX: CP) (NYSE: CP) (CPKC) today said it is preparing
to restart railway operations in Canada following the Canadian Minister of
Labour's announcement that he will exercise his authority under
Section 107 of the Canada Labour Code to direct the Canada
Industrial Relations Board (CIRB) to impose final binding
arbitration and for railway operations to resume forthwith.
CPKC will follow the order of the CIRB once it executes the
Minister's direction. Our teams are already preparing for the safe
and orderly resumption of our rail network and further details
about timing will be provided once we receive the CIRB's order.
"The Canadian government has recognized the immense consequences
of a railway work stoppage for the Canadian economy, North American
supply chains and all Canadians," said Keith Creel, CPKC President and CEO. "The
government has acted to protect Canada's national interest. We regret that the
government had to intervene because we fundamentally believe in and
respect collective bargaining; however, given the stakes for all
involved this situation required action.
"CPKC looks forward to welcoming all of our employees back to
work to restore our railway to full strength and get back to
serving our customers and moving Canada's trade and commerce throughout
North America," Creel added.
The Teamsters Canada Rail Conference (TCRC) –
Train & Engine represents CPKC's roughly 3,200 locomotive
engineers, conductors and train and yard workers, and the
TCRC – Rail Canadian Traffic Controllers
represents approximately 80 rail traffic controllers, all in
Canada.
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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/cpkc-prepares-to-restart-railway-operations-awaits-cirb-order-302229126.html
SOURCE CPKC