CALGARY, AB, Dec. 23, 2021 /CNW/ - Canadian Pacific
Railway Limited (TSX: CP) (NYSE: CP) today announced the execution
of a new long-term agreement with Canpotex Limited further
cementing the long-standing relationship between the two companies
and supporting Canpotex's future growth.
"We are pleased to have entered into this agreement and
incredibly proud to continue our successful relationship with
Canpotex," said Keith Creel, CP
President and CEO. "Canpotex and CP are like-minded organizations,
focused on asset utilization and efficiency. This long-standing
relationship makes sense for us both. We look forward to the
opportunity to continue serving Canpotex and supporting
growth."
CP is the primary rail transportation provider supporting
delivery of Canadian potash to Canpotex's overseas export markets.
The new seven-year contract, which runs through 2028, is a
successor to the current, 10-year agreement between CP and
Canpotex, which expires in 2022.
"This new agreement will extend our long-standing relationship
with CP, and will provide the safe and efficient rail service we
depend on to reliably reach our customers in overseas markets,"
said Gord McKenzie, Canpotex President and CEO.
As the leading carrier for export potash, CP allows Canpotex's
supply chain to be optimized efficiently and safely from mine to
port terminals by leveraging CP's service options and network
capacity.
Note on forward-looking information
This news release
contains certain forward-looking information and forward-looking
statements (collectively, "forward-looking information") within the
meaning of applicable securities laws. Forward-looking information
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", "will", "anticipate", "believe", "expect",
"plan", "should", "commit" or similar words suggesting future
outcomes.
This news release contains forward-looking information relating,
but not limited, to, the delivery by CP of Canadian potash to
Canpotex's global export markets, the future growth of Canpotex and
related matters associated with the long-term agreement between CP
and Canpotex.
The forward-looking information contained in this news release
is based on current expectations, estimates, projections and
assumptions, having regard to CP's experience and its perception of
historical trends, and includes, but is not limited to,
expectations, estimates, projections and assumptions relating to:
the fuel efficiency of railways and CP's operations; the impacts of
existing and planned capital investments; North American and global
economic growth; commodity demand growth; agricultural production;
commodity prices and interest rates; performance of our assets and
equipment; applicable laws, regulations and government policies;
the availability and cost of labour on the timelines anticipated
and with the capabilities required, as well as the availability and
cost of services and infrastructure; the satisfaction by third
parties of their obligations to CP; the anticipated impacts of the
novel strain of coronavirus (and the disease known as COVID-19) and
its variants; and capital investments by third parties. Although CP
believes the expectations, estimates, projections and assumptions
reflected in the forward-looking information presented herein are
reasonable as of the date hereof, there can be no assurance that
they will prove to be correct. Current conditions, economic and
otherwise, render assumptions, although reasonable when made,
subject to greater uncertainty.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from those
expressed or implied by forward-looking information. By its nature,
CP's forward-looking information involves 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 associated with agricultural production, such as weather
conditions and insect populations; the availability and price of
energy commodities; the effects of competition and pricing
pressures, including competition from other rail carriers; industry
capacity; shifts in market demand; changes in commodity prices;
uncertainty surrounding timing and volumes of commodities being
shipped; inflation; geopolitical stability; changes in laws,
regulations and government policies, including regulation of rates;
changes in taxes and tax rates; potential increases in maintenance
and operating costs; changes in fuel prices; disruption in fuel
supplies; uncertainties of investigations, proceedings or other
types of claims and litigation; labour disputes; changes in labour
costs and labour difficulties; risks and liabilities arising from
derailments; transportation of dangerous goods; timing of
completion of capital and maintenance projects; currency and
interest rate fluctuations; exchange rates; effects of changes in
market conditions and discount rates on the financial position of
pension plans and investments; trade restrictions or other changes
to international trade arrangements; the effects of current and
future multinational trade agreements on the level of trade among
Canada and the U.S.; climate
change and the market and regulatory responses to climate changes;
anticipated in-service dates; success of hedging activities;
operational performance and reliability; regulatory and legislative
decisions and actions; public opinion; various events that could
disrupt operations, including severe weather events, such as
droughts, floods, avalanches and earthquakes, and cybersecurity
attacks, as well as security threats and governmental response to
them, and technological changes; acts of terrorism, war or other
acts of violence or crime or risk of such activities; insurance
coverage limitations; material adverse changes in economic and
industry conditions, including the availability of short and
long-term financing; the pandemic created by the outbreak of
COVID-19 and its variants and resulting effects on economic
conditions, the demand environment for logistics requirements and
energy prices, restrictions imposed by public health authorities or
governments, fiscal and monetary policy responses by governments
and financial institutions, and disruptions to global supply
chains. 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 "Risk Factors"
and "Management's Discussion and Analysis of Financial Condition
and Results of Operations - Forward-Looking Statements" in CP's
annual and interim reports on Form 10-K and 10-Q.
The forward-looking information contained in this news release
is made as of the date hereof. Except as required by law, CP
undertakes no obligation to update publicly or otherwise revise any
forward-looking information, or the foregoing assumptions and risks
affecting such 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 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 www.cpr.ca to see the rail advantages
of CP. CP-IR
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SOURCE Canadian Pacific