CALGARY, May 25, 2018 /PRNewswire/ - Canadian Pacific
Railway Limited (TSX: CP) (NYSE: CP) has been advised by the Canada
Industrial Relations Board (CIRB) that members of both unions
- the Teamsters Canada Rail Conference – Train & Engine (TCRC)
and the International Brotherhood of Electrical Workers (IBEW) –
have voted down CP's final contract offers in the CIRB-administered
vote, which ran from May 18 to noon
Eastern today, May 25.
CP is disappointed with the outcome of the vote given that both
final offers provided for significant improvements to wages,
benefits and working conditions that are consistent with agreements
recently reached with other CP unions in both the United States and Canada.
CP will be meeting with both unions later today to discuss next
steps.
A minimum of 72 hours' notice needs to be provided before any
work stoppage can occur. To date, no such notice has been
issued.
There are approximately 3,000 conductors and engineers
represented by the TCRC. Approximately 360 signal maintainers are
represented by the IBEW.
Further details regarding CP's final contract offers to both the
TCRC and IBEW can be found at www.cpofferinfo.ca
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,
potential work stoppage 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, 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 CP.
CP-IR
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SOURCE Canadian Pacific