CP announces ratification of new labour agreement with Unifor

Rhea-AI Summary

On February 16, 2023, Canadian Pacific Railway Limited (TSX: CP) announced the ratification of a new two-year collective agreement with Unifor, which covers approximately 1,200 mechanical employees in Canada. This agreement marks a significant achievement for CP, demonstrating its commitment to negotiate in good faith with its union partners. The successful negotiation adds to the three tentative collective agreements established in 2023, strengthening CP's labor relations. Moving forward, CP emphasizes the importance of maintaining collaborative relationships with its labor unions, which is crucial for operational efficiency.

Positive

• Ratification of a new two-year collective agreement with Unifor covers approximately 1,200 mechanical employees.
• This agreement exemplifies CP's commitment to good faith negotiations with union partners.
• Strengthens labor relations by adding to three tentative agreements established in 2023.

Negative

• None.

CALGARY, AB, Feb. 16, 2023 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced that Unifor members have ratified a new two-year collective agreement covering approximately 1,200 CP mechanical employees in Canada.

"This negotiated agreement is the result of hard work by all involved. We thank Unifor for working collaboratively with us throughout this process," said Keith Creel, CP's President and CEO. "Ratifying this agreement is a positive step for our mechanical employees and another example of CP's willingness to negotiate in good faith with our union partners."

Unifor represents CP's mechanical responsible for maintaining rail cars and locomotives.

CP has successfully negotiated three tentative collective agreements with its unions in 2023, including this the one with Unifor announced in January and ratified this month. 

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 is the significance of the new collective agreement ratified by Canadian Pacific (CP)?

The new collective agreement enhances labor relations at Canadian Pacific, ensuring stability for approximately 1,200 mechanical employees.

When was the collective agreement with Unifor ratified?

The collective agreement was ratified on February 16, 2023.

How many employees are covered by the new agreement with Unifor at CP?

The agreement covers approximately 1,200 mechanical employees.

What has been CP's approach to labor negotiations in 2023?

CP has successfully negotiated three tentative agreements with its unions in 2023, reflecting a proactive approach in labor relations.