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CN (CNI) has presented a new offer to the Teamsters Canada Rail Conference (TCRC) aiming to prevent work stoppages and stabilize Canada's supply chains. This offer, compliant with the Federal Government’s Duty and Rest Period Rules (DRPR), focuses on employee safety, predictable scheduling, work-life balance, and increased compensation. The revised offer includes:
- Scheduled days off.
- Higher pay for work over 10 hours per shift, capped at 12 hours.
- Wage increases of 3% in 2024 and 2.5% in 2025.
- Maintenance of existing paid leave, medical leave, vacation, and statutory holidays.
Employees must self-assess their fitness for duty through scientific fatigue evaluations, and cannot work more than 60 hours per 7-day period or 192 hours per 28-day period, with a mandatory 'reset break' every 7 days.
In 2023, the average conductor earned $121,000, while the average locomotive engineer earned $150,000. The offer aims to enhance employee satisfaction and operational predictability.
CN announced that a new four-year collective agreement between CNTL, its subsidiary for first and last mile trucking, and Unifor-affiliated owner-operators has been ratified. This agreement impacts around 750 owner-operators in Canada and will be in effect until December 31, 2027. The agreement was achieved through collaborative negotiations and aims to support business needs and ensure the seamless delivery of container pickups and deliveries.
On May 14, 2024, CN (TSX: CNR) (NYSE: CNI) announced the grand opening of a new transload logistics facility in Flat Rock, Michigan. The facility's first customer, Target Steel, plans to shift a significant portion of its steel coil traffic from trucks to rail, potentially reducing greenhouse gas emissions by up to 75%. The 20,000 sq. ft. facility features a 50-ton overhead crane and a 10-car track for seamless transfer of steel coils. The Michigan Department of Transportation's Freight Economic Development Program covered up to 50% of the project costs, enhancing access to the state's rail system. This initiative underscores CN's commitment to sustainable logistics, innovation, and environmental stewardship.
Executive Vice-President and Chief Financial Officer, Ghislain Houle, and Executive Vice-President and Chief Field Operating Officer, Derek Taylor, of CN (NYSE: CNI) will be speaking at the 17th Annual Wolfe Research Global Transportation & Industrials Conference on May 22, 2024. The event will start at 9:10 a.m. ET and will be live webcasted on CN's Investors section of the website.
CN pledges $10 million over ten years to support disaster relief initiatives across North America. The funding highlights CN's dedication to helping communities affected by natural disasters and climate change impacts. The donation will assist organizations like The Red Cross and Team Rubicon in providing relief, support, and resources during times of crisis.
CN announced its relocation to Kevric's 600 De La Gauchetière West redevelopment in Montreal, starting in 2028 with a 20-year lease covering 440,000 square feet. The move will begin in 2026, emphasizing the importance of a central workplace for corporations and sustaining downtown Montreal's economic vitality.
CN announced the winners of its 2023 Safe Handling Award for customers who handle dangerous goods with strict safety standards. The award reflects CN's commitment to safety and highlights 193 shippers for their excellence in safe transportation.
CN (CNI) announced a new tentative agreement with Unifor affiliated CNTL Drivers, covering 750 owner-operators in Canada until December 31, 2027.
Ghislain Houle and Patrick Whitehead, from CN (TSX: CNR) (NYSE: CNI), are set to address investor conferences on May 14 and 15, 2024. They will participate in the RBC Capital Markets Canadian Automotive, Industrials and Transportation Conference on May 14, 2024, and Bank of America's 31st annual Transportation, Airlines, and Industrials Conference on May 15, 2024. CN will provide a live webcast for investors to watch.
CN (TSX: CNR) (NYSE: CNI) announced the ratification of a new three-year collective agreement with United Steelworkers (USW) Local 2004, representing 2,500 track and bridge employees. The agreement includes wage increases, enhanced benefits, and measures to boost productivity, aiming to reduce outsourcing.
