CP announces ratification of new collective agreement with Soo Line BLET

Rhea-AI Summary

Canadian Pacific (NYSE: CP) announced the ratification of a new five-year collective agreement by the Brotherhood of Locomotive Engineers and Trainmen (BLET), covering approximately 300 employees on its Soo Line subsidiary. The agreement, which includes improved pay and flexibility, reflects CP's commitment to collaborative labor relations. In 2023, CP ratified 16 agreements with various unions across Canada and the U.S. The BLET agreement specifically pertains to locomotive engineers in North Dakota, Minnesota, Wisconsin, Illinois, and Indiana. Forward-looking statements highlight potential risks and uncertainties in CP's operations.

Positive

• Ratification of a new five-year collective agreement improves employee pay and flexibility.
• Demonstrates CP's ongoing commitment to labor relations with successful negotiations with multiple unions.
• CP has ratified 16 agreements in 2023, indicating effective labor relations and operational stability.

Negative

• None.

CALGARY, AB, March 14, 2023 /PRNewswire/ - Canadian Pacific (NYSE: CP) (TSX: CP) said today that members of the Brotherhood of Locomotive Engineers and Trainmen (BLET) have ratified a new five-year collective agreement covering approximately 300 employees working on CP's Soo Line subsidiary.

"We thank the BLET for working collaboratively to reach this negotiated collective agreement," said Keith Creel, CP's President and CEO. "The ratification of this agreement, which provides improved pay and flexibility, is a positive for our railroaders, further demonstrating CP's commitment to reaching new negotiated collective agreements."

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.

The BLET hourly collective agreement includes Soo Line locomotive engineers in North Dakota, Minnesota, Wisconsin, Illinois and Indiana.

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: 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 recent agreement did Canadian Pacific announce regarding the Soo Line?

Canadian Pacific announced that the Brotherhood of Locomotive Engineers and Trainmen ratified a new five-year collective agreement covering approximately 300 employees on the Soo Line.

How many collective agreements has Canadian Pacific ratified in 2023?

Canadian Pacific has ratified 16 collective agreements in 2023.

What are the benefits of the new collective agreement for Soo Line employees?

The new collective agreement provides improved pay and flexibility for Soo Line employees.

Which states are affected by the new collective agreement with the BLET?

The agreement affects locomotive engineers in North Dakota, Minnesota, Wisconsin, Illinois, and Indiana.