CALGARY, AB, Dec. 17, 2020 /PRNewswire/ - Canadian Pacific
Railway Limited (TSX: CP) (NYSE: CP) and the International
Brotherhood of Electrical Workers (IBEW) Canadian Signals and
Communications System Council No. 11 are pleased to announce that
they have successfully negotiated a new tentative five-year
collective agreement.
"This tentative collective agreement is the result of hard work
and good faith negotiating between the IBEW and CP," said CP
President and CEO Keith Creel. "We
look forward to its ratification and to five years of continued
growth and opportunity with these employees."
The IBEW represents 360 Signal Maintainers at CP in Canada.
The collective agreement is subject to ratification by union
membership.
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 "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 anticipated ratification of a five-year
agreement with IBEW Canadian Signals and Communications System
Council No. 11, and anticipated impacts of such agreement on CP's
operations, opportunities and growth prospects.
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; CP's ability
to implement certain initiatives, including emissions targets,
scenario analyses, risk mitigation strategies, changes to
enterprise risk management and internal carbon pricing mechanisms;
future investments in and the availability of carbon
emissions-reduction tools and technologies including through CP's
fleet modernization program and technology upgrades; the impacts of
existing and planned capital investments; CP's ability to work with
governments and third parties to mitigate the impacts of climate
change; 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, 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 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; 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,
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; 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; trade restrictions or other changes to
international trade arrangements; climate change; various events
that could disrupt operations, including severe weather, such as
droughts, floods, avalanches and earthquakes, and cybersecurity
attacks, as well as security threats and governmental response to
them, and technological changes; and the pandemic created by the
outbreak of the novel strain of coronavirus (and the disease known
as COVID-19) 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 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
cpr.ca to see the rail advantages of CP. CP-IR
View original
content:http://www.prnewswire.com/news-releases/canadian-pacific-and-the-ibew-reach-a-new-tentative-five-year-collective-agreement-301194542.html
SOURCE Canadian Pacific