CALGARY, Feb. 16, 2015 /CNW/ - Canadian Pacific (TSX:CP)(NYSE:CP) and the Teamsters Canada Rail Conference (TCRC) today agreed to enter into binding arbitration, putting an end to the work stoppage by CP's locomotive engineers and conductors.
"This decision ensures both sides will get back to the table, and gets us back to moving Canada's economy forward," said E. Hunter Harrison, CP's Chief Executive Officer. "While we would have preferred a negotiated settlement, this is the right thing to do at this time."
An arbitrator will be appointed by the federal government. No further details are being released at this time.
On February 14, CP announced a tentative four-year agreement with its Unifor employees. Details of the tentative agreement are being withheld pending ratification by the Unifor membership.
About Canadian Pacific
Canadian Pacific (TSX:CP)(NYSE:CP) is a transcontinental railway in Canada and the United States with direct links to eight major ports, including Vancouver and Montreal, 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 Canadian Pacific.
SOURCE Canadian Pacific
For further information: Contacts: Media: Martin Cej, Tel: 403-319-7298, 24/7 Media Pager: 855-242-3674; email@example.com; Investment Community: Nadeem Velani, Tel: 403-319-3591, email: firstname.lastname@example.org