CALGARY, AB, Feb. 16, 2024 /PRNewswire/ – Canadian Pacific Kansas City (TSX: CP) (NYSE: CP) (CPKC) today filed a Notice of Dispute with the Federal Mediation and Conciliation Service requesting the appointment of a Federal Conciliation Officer to assist CPKC and both the Teamsters Canada Rail Conference (TCRC) – Train & Engine (T&E) division and the TCRC – Rail Canada Traffic Controllers (RCTC) division in reaching negotiated collective agreements.
The TCRC – T&E represents CPKC’s roughly 3,200 locomotive engineers, conductors and train and yard workers, and the TCRC – RCTC represents approximately 80 rail traffic controllers, all in Canada. This is a process available under the Canada Labour Code to help employers and unions achieve negotiated collective agreements.
Since September 2023, CPKC has been negotiating in good faith with the TCRC – T&E and TCRC – RCTC. CPKC has offered both a fair and balanced agreement with wage and benefit increases and more schedule predictability and quality of life improvements for its T&E employees.
The latest collective bargaining negotiation session took place the week of January 29, 2024. Both CPKC and Union leadership remain far apart on the issues.
CPKC has an excellent track record of successful collective bargaining with its unions. However, Federal Conciliation has been required in nine of the 10 collective bargaining rounds of negotiations between the TCRC – T&E and CPKC since 1993.
CPKC is and will remain focused on, and committed to, arriving at a negotiated outcome that is in the best interests of its employees and their families, its customers, its shareholders and the overall Canadian economy. Everyone benefits when the railway can continue providing essential rail service, delivering goods across Canada and supporting the import and export of goods internationally.
While the two TCRC collective agreements expired on December 31, 2023, they remain in effect under Canadian labour law until the parties reach new agreements.
Forward looking information
This news release contains certain forward-looking information within the meaning of applicable securities laws in both the U.S. and Canada. This news release contains forward-looking information relating, but not limited to, collective bargaining between CPKC and its labour unions, potential work stoppage and CPKC’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, CPKC’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 CPKC; 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 CPKC 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 CPKC’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 CPKC. Except as required by law, CPKC 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 CPKC
With its global headquarters in Calgary, Alta., Canada, CPKC is the first and only single-line transnational railway linking Canada, the United States and México, with unrivaled access to major ports from Vancouver to Atlantic Canada to the Gulf of México to Lázaro Cárdenas, México. Stretching approximately 20,000 route miles and employing 20,000 railroaders, CPKC provides North American customers unparalleled rail service and network reach to key markets across the continent. CPKC is growing with its customers, offering a suite of freight transportation services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about the rail advantages of CPKC. CP-IR
SOURCE CPKC
