CP also announces ratification of IBEW agreement
CALGARY, Dec. 19, 2012 /PRNewswire/ - Canadian Pacific (TSX:CP)(NYSE: CP) said today it is pleased the collective bargaining process with the Teamsters Canada Rail Conference, on behalf of Running Trade Employees, and Rail Traffic Controllers has finally concluded and an agreement is now in place.
CP has received the award of federally-appointed arbitrator, William Kaplan.
The award contains, among other changes a cap on pension growth and a new pension accrual rate for future hires. The deal is three years in length and is retroactive to January 2012.
"Mr. Kaplan had an extremely difficult job. He was thoughtful and sought at all times to close the gap between the parties. CP is appreciative of his efforts," said Peter Edwards, vice president of Human Resources.
CP is also pleased to announce the five-year agreement reached with the International Brotherhood of Electrical Workers on November 15, 2012 has been ratified with 94% acceptance.
This contract begins January 1, 2013.
"I am pleased we were able to reach another agreement with a key union and we are looking forward to working with the IBEW," said E. Hunter Harrison, president and CE0. "With our labour situation settled, CP is in very good position to continue the work of being an even more reliable and efficient railway for our customers."
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 a low-cost provider that 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