CP and TCRC-MWED reach tentative collective agreement

Rhea-AI Summary

On March 17, 2023, Canadian Pacific (TSX: CP, NYSE: CP) announced a tentative collective agreement with the Teamsters Canada Rail Conference Maintenance of Way Employees Division, covering around 2,600 engineering services employees in Canada. CP's President and CEO, Keith Creel, acknowledged the collaborative effort in reaching this agreement, highlighting the successful negotiation with multiple unions in recent months, resulting in 16 agreements ratified in 2023 across Canada and the U.S. The specifics of the agreement will remain undisclosed until ratification.

Positive

• Tentative agreement reached covering 2,600 employees.
• 16 agreements successfully ratified in 2023 with multiple unions.

Negative

• Details of the agreement not publicly disclosed until ratification.

CALGARY, AB, March 17, 2023 /PRNewswire/ - Canadian Pacific (TSX: CP) (NYSE: CP) ("CP") today announced it has reached a tentative collective agreement with the Teamsters Canada Rail Conference Maintenance of Way Employees Division (TCRC-MWED) covering approximately 2,600 engineering services employees in Canada.

"By working collaboratively with our valued union partners, we've reached another negotiated tentative agreement this year," said Keith Creel, CP's President and CEO. "We thank the TCRC-MWED for working collaboratively with us throughout this negotiation. This tentative agreement is a testament to the hard work and commitment of both sides."

Details of the tentative agreement will not be released publicly until the agreement has been ratified.

CP has successfully negotiated agreements with multiple unions representing craft employees in recent months, resulting in the ratification of 16 agreements in 2023 in Canada and the United States.

Forward looking information
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, 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: ratification of the tentative agreement; 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. CP-IR

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SOURCE Canadian Pacific

FAQ

What is the tentative agreement between Canadian Pacific and TCRC-MWED?

Canadian Pacific has reached a tentative collective agreement with TCRC-MWED covering approximately 2,600 engineering services employees.

How many agreements has Canadian Pacific ratified in 2023?

Canadian Pacific has ratified 16 agreements in 2023 across Canada and the United States.

When was the collective agreement with TCRC-MWED announced?

The collective agreement with TCRC-MWED was announced on March 17, 2023.

What is the significance of the collective agreement for CP investors?

The collective agreement indicates stable labor relations, which can positively impact operational continuity and investor confidence.

Will the details of the agreement be made public?

No, the details of the agreement will not be released until it has been ratified.