CALGARY,
AB, Aug. 24, 2024 /PRNewswire/ - Canadian
Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) today said it will
restart railway operations in Canada by 00:01 ET on
Monday, Aug. 26, following the Canada Industrial Relations
Board (CIRB) order requiring CPKC to resume operations and
Teamsters Canada Rail Conference (TCRC) employees to resume their
duties.
CPKC will fully comply with the CIRB order. As such, CPKC is
ending the lockout initiated on Thursday,
Aug. 22. CPKC has asked the TCRC for employees to return to
work for the day shift on Sunday so that we can get the Canadian
economy moving again as quickly as possible and avoid further
disruption to supply chains.
Our team is executing its restart plan for the safe and orderly
resumption of rail service across Canada. We are working with customers on a
balanced return to normal operations.
The CIRB will be convening a case management meeting with the
parties Thursday, Aug. 29, to discuss
the imposition of final binding interest arbitration.
As specified in the CIRB's order, the existing collective
agreements between the company and the union are in force.
The CIRB's order was issued following the Canadian Minister of
Labour's direction on Thursday, Aug.
22, pursuant to his authority under Section 107 of the
Canada Labour Code.
CPKC looks forward to welcoming all of our Canadian locomotive
engineers, conductors, yardpersons and dispatchers back to work. We
are focused on restoring our railway to full strength as we get
back to serving our customers and moving Canada's trade and commerce throughout
North America.
The CIRB order ends months of unnecessary uncertainty and
disruption for the Canadian economy and North American supply
chains. We anticipate it will take several weeks for the railway
network to fully recover from this work stoppage and a period of
time beyond that for supply chains to stabilize.
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