MINNEAPOLIS, Oct. 20, 2015 /CNW/ - Canadian Pacific Railway Ltd.
(TSX:CP)(NYSE:CP) today announced that it has ratified a
transformational multi-year collective agreement with its 450 U.S.
engineers represented by the Brotherhood of Locomotive Engineers and
Trainmen (BLET).
The new hourly-rate agreement brings an end to a mileage-based wage
system from the steam engine era and provides CP with increased
flexibility and transparency, the employee with a cycle with two
consecutive days off and the best wages in the industry.
"This negotiated agreement is a major step forward for both parties and
represents the biggest win-win that a railway, its employees and
operating unions could have," said Keith Creel, CP's President and
Chief Operating Officer. "The benefits it will provide to all parties,
including - at the center of it all - our customers, are immediate and
will build month by month and year by year."
The agreement - which also gives BLET members the ability to participate
in the employee share purchase plan - spans three years with an option
for either side to revert to the former agreement if written notice is
given prior to the beginning of the third year. If neither party
reverts, the agreement is extended for two more years.
"Our people are the key to CP's success and they deserve to share in the
success of the company," Creel said.
Forward Looking Statement
This news release contains certain forward-looking information within
the meaning of applicable securities laws relating, but not limited, to
the anticipated future benefits of the agreement. This forward-looking
information may also include, 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: the
ability to recognize the benefits of the transaction; 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 "Management's Discussion and Analysis" in
CP's annual and interim reports, Annual Information Form and Form 40-F.
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 (TSX:CP)(NYSE:CP) is a transcontinental railway in
Canada and the United States with direct links to eight major ports,
including Vancouver and Montreal, providing 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 Canadian Pacific.
SOURCE Canadian Pacific
