CP and Unifor reach tentative collective agreement

Rhea-AI Summary

Canadian Pacific Railway Limited (TSX: CP) has reached a tentative collective agreement with Unifor for its mechanical employees in Canada, impacting approximately 1,200 workers responsible for rail car and locomotive maintenance. This agreement follows the expiration of the previous contract on December 31, 2022. Keith Creel, CP's President and CEO, expressed gratitude for the collaborative process with Unifor. Details of the agreement will not be disclosed until ratified. The release also highlights forward-looking statements regarding potential business and operational impacts, encouraging caution against undue reliance on such information.

Positive

• Tentative collective agreement reached with Unifor, enhancing labor relations.
• Agreement covers approximately 1,200 mechanical employees, ensuring workforce stability.

Negative

• Previous collective agreement expired on December 31, 2022, indicating potential operational disruptions.

CALGARY, AB, Jan. 13, 2023 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced it has reached a tentative collective agreement with Unifor on a new contract for mechanical employees in Canada.

"We thank Unifor for working collaboratively with us throughout this process," said Keith Creel, CP's President and CEO. "CP is proud to have reached another tentative collective agreement with a valued union partner. This tentative agreement is a testament to the hard work, collaboration and commitment of both sides."

Unifor represents approximately 1,200 of CP's mechanical employees who are responsible for maintaining rail cars and locomotives. The previous collective agreement expired on Dec. 31, 2022.

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

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 recent agreement between Canadian Pacific and Unifor about?

Canadian Pacific reached a tentative collective agreement with Unifor for mechanical employees in Canada.

How many employees are involved in the new agreement with Unifor?

The agreement involves approximately 1,200 mechanical employees.

When did the previous collective agreement for CP employees expire?

The previous collective agreement expired on December 31, 2022.

What does the tentative agreement with Unifor signify for CP?

It signifies enhanced labor relations and workforce stability for CP.

Are details of the tentative agreement with Unifor available?

No, details will be released only after the agreement is ratified.