CALGARY, AB, August 24, 2024 /PRNewswire/ – Canadian Pacific Kansas City (TSX: NYSE: ) (NYSE: CP ) (CPKC) today said it will resume train operations Canada with 00:01 ET to Monday, August 26following an order by the Canada Industrial Relations Board (CIRB) requiring CPKC to resume operations once Teamsters Canada Rail Conference (TCRC) employees to continue their work.
CPKC will fully comply with CIRB order. Thus, CPKC terminates the lock that was initially unlocked Thursday, Aug. 22. CPKC has asked the TCRC for workers to return to work on Sunday so that we can get Canada's economy back on track as quickly as possible and avoid further supply chain disruptions.
Our team is working on its resumption plan for the safe and orderly resumption of train service across the region Canada. We work with clients on equitable return to normal activities.
The CIRB will convene a meeting to manage the matter with the parties Thursday, Aug. 29to discuss the imposition of a binding final interest settlement.
As stated in the CIRB order, existing agreements between the company and the union are valid.
The CIRB order was issued following the Canadian Minister of Workthe direction of Thursday, Aug. 22pursuant to his authority under Article 107 of the Constitution Canada Labor Code.
CPKC looks forward to welcoming all of our Canadian train engineers, conductors, yardmen and dispatchers back to work. We are focused on getting our railroad back to full capacity as we get back to serving our customers and traveling Canadatrade and commerce throughout North America.
The CIRB order ends months of uncertainty and unnecessary disruption to the Canadian economy and North American supply chains. We expect it will take several weeks for the rail network to fully recover from this work stoppage and more time for rail supply chains to stabilize.
Forward-looking information
This news release contains certain forward-looking information within the meaning of applicable securities laws In the US again Canada. This news release contains forward-looking information related to, but not limited to, collective bargaining between CPKC and its labor unions, possible work stoppages and CPKC's business, operations and services. This forward-looking information includes, but is not limited to, statements regarding expectations, beliefs, plans, goals, objectives, assumptions and statements regarding possible future events, conditions, and results of operations or performance. Forward-looking information may contain statements with words or titles such as “financial expectations”, “key assumptions”, “anticipate”, “believe”, “expect”, “plan”, “will”, “outlook”, “should” or similar words. they suggest future consequences.
Undue reliance should not be placed on forward-looking information as actual results may differ materially from such forward-looking information. Forward-looking information is not a guarantee of future performance. By its nature, CPKC's forward-looking information involves many 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 strategy; general North American and global economic, credit and business conditions; risks to agricultural production such as weather conditions and pest populations; availability and pricing of energy supplies; competitive effects and pricing pressures; industrial capacity; changes in market demand; changes in commodity prices; uncertainty regarding the timing and quantity of goods shipped through CPKC; inflation; changes in laws and regulations, including rate regulation; changes in taxes and tax rates; potential increases in maintenance and operating costs; the uncertainty of investigations, litigation or other types of claims and proceedings; labor disputes; risks and liabilities arising from losses; transportation of dangerous goods; timing of completion of capital and maintenance projects; currency fluctuations and interest rates; the effects of changes in market conditions and discount rates on the financial condition of pension plans and investments; and various events that may disrupt operations, including extreme weather, drought, floods, floods and earthquakes as well as security threats and government responses to them, and technological changes. The above list of features is not exhaustive. These and other factors are explained over time in reports filed by CPKC with security regulators Canada again 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 assumptions and it is possible that forecasts, forecasts, projections, and other types of forward-looking information will not be achieved by CPKC. Except as required by law, CPKC undertakes no obligation to publicly update or revise any forward-looking information, or the foregoing assumptions and risks associated with such forward-looking information, whether as a result of new information, future events or otherwise.
About CPKC
With its global headquarters in Calgary, Alta., CanadaCPKC is the first and only single line railway network Canada, the United States and México, which has unparalleled access to major ports of departure Vancouver to Atlantic Canada to the Gulf of México to Lázaro Cárdenas, México. Spanning nearly 20,000 route miles and employing 20,000 railroad cars, CPKC offers North American customers unparalleled rail service and network access to key markets across the continent. CPKC grows with its customers, providing a suite of logistics services, logistics solutions and supply chain expertise. Visit cpkcr.com to learn more about CPKC rail benefits. CP-IR
