CP and United Steelworkers Local 1976 reach tentative collective agreement

Rhea-AI Summary

On February 9, 2023, Canadian Pacific (CP) announced a tentative collective agreement with United Steelworkers (USW) Local 1976, covering approximately 550 employees in Canada. This agreement marks the third tentative deal CP has negotiated with its unions in 2023. President and CEO Keith Creel expressed gratitude for the collaboration during negotiations, highlighting the commitment of both parties. Details of the agreement will remain undisclosed until ratification. CP emphasizes that forward-looking statements included in the release may not guarantee future performance due to various risks and uncertainties.

Positive

• Tentative agreement reached with USW Local 1976 for 550 employees.
• Third collective agreement negotiated by CP in 2023.

Negative

• Details of the agreement not disclosed until ratification.
• Forward-looking statements include risks that could affect performance.

CALGARY, AB, Feb. 9, 2023 /PRNewswire/ - Canadian Pacific (TSX: CP) (NYSE: CP) today announced it has reached a tentative collective agreement with the United Steelworkers (USW) Local 1976 covering approximately 550 administrative support and intermodal 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 United Steelworkers for working collaboratively with us throughout this negotiation. This tentative agreement is a testament to the hard work and commitment of both sides."

CP has successfully negotiated three tentative collective agreements with its unions in 2023.

Details of the USW 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 announcement by Canadian Pacific regarding employee negotiations?

Canadian Pacific announced a tentative collective agreement with United Steelworkers Local 1976 for approximately 550 employees in Canada.

When was the tentative agreement with USW Local 1976 announced by Canadian Pacific?

The tentative agreement was announced on February 9, 2023.

How many collective agreements has Canadian Pacific negotiated in 2023?

Canadian Pacific has negotiated three tentative collective agreements in 2023.

What does the tentative agreement mean for Canadian Pacific's employees?

The tentative agreement covers administrative support and intermodal employees, pending ratification.

What are the risks associated with Canadian Pacific's forward-looking information?

Risks include uncertainties in ratification, changes in business strategies, economic conditions, and various operational disruptions.