Calgary – Business – Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) has announced that the company has reached an agreement with the Teamsters Canada Rail Conference (TCRC) – Train and Engine Negotiating Committee to enter into binding arbitration.
“CP is pleased to have reached agreement with the TCRC Negotiating Committee to enter into binding arbitration and end this work stoppage,” said CP President and CEO Keith Creel. “This agreement enables us to return to work effective noon Tuesday local time to resume our essential services for our customers and the North American supply chain.”
“The decision to agree to final and binding arbitration is not taken lightly,” said Dave Fulton, TCRC spokesperson at the bargaining table. “While arbitration is not the preferred method, we were able to negotiate terms and conditions that were in the best interest of our members. Our members will return to work at 12:00 (noon) local time today.”
Wages and pensions remain stumbling blocks.
There will be no comment from union spokespersons to the media until the arbitration process is complete.
CP will immediately begin working with customers to resume normal train operations across Canada as soon as possible.