Teamsters Canada Rail Conference – Train & Engine (TCRC-T&E) and Canadian Pacific (TSX:CP) (NYSE:CP) have agreed on a one-year renewal of the existing collective agreement. The agreement, which is subject to ratification, offers CP's Canadian conductors and engineers a number of benefits and certainty over the next year, while protecting customers' and future customers' interests.
"I commend the TCRC-T&E leadership for their hard work on this and look forward to working with them over the next year to build the framework for a longer-term agreement based on trust and the best interests of our employees and all stakeholders," said Keith Creel, CP President and Chief Executive Officer. "The renewal of the collective agreement for a one-year period is the best possible news for our hard working engineers and conductors, their families, our customers and shareholders, and the 9,000 other employees in our CP family."
Earlier this summer, CP proposed to TCRC-T&E leadership a one-year renewal of the current agreement, which was set to expire December 31, 2017.
"We continue to work productively with all of our union partners to achieve long-term, innovative and sustainable agreements that balance the needs of CP's business with the needs of our employees," Creel said.
2017 has been a successful year for concluding new labour agreements. In April, CP and the United Steel Workers reached a new five-year agreement. Soo Line Railroad and Smart – TD, which represents conductors and trainmen, implemented an hourly agreement in the same month. In May, the Soo Line Railroad and American Train Dispatchers Association implemented a new six-year agreement. In July, CP and the Teamsters Canada Rail Conference Maintenance of Way Employees Division announced a five-year collective bargaining agreement. Also in July, CP came to a six-year agreement with the International Association of Machinists and Aerospace Workers. The company agreed on a six-year deal with the Transportation Communication Union – Soo Line – in August.
TCRC-T&E represents approximately 3,000 Canadian conductors and engineers at CP.
This news release contains certain forward-looking information within the meaning of applicable securities laws relating, but not limited, to the ratification and anticipated future benefits and obligations under 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.
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