MINNEAPOLIS, Dec. 3, 2015 /CNW/ - Canadian Pacific
Railway Ltd. (TSX:CP)(NYSE:CP) today announced that it
has ratified a transformational multi-year collective agreement
with its 300 locomotive engineers, assistant engineers, conductors
and brakemen on the Dakota,
Minnesota & Eastern Railway (DM&E), represented by
the Brotherhood of Locomotive Engineers and Trainmen
(BLET).
The men and women represented by the BLET on the DM&E join
their colleagues from the Soo Line in ratifying this agreement. Soo
Line employees ratified their agreement on October 9, 2015.
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 significantly increased
wages.
"This negotiated agreement gives us many more options that will
help us better meet the needs of our customers and the North
American economy," said Keith Creel,
CP's President and Chief Operating Officer. "More importantly, this
future-focused agreement will improve the quality of life for our
employees and give them and their families more certainty."
The agreement – which also gives BLET DM&E 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.
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