Sunday, August 25, 2024 Canadian Pacific Kansas City (CPKC) , listed on the TSX and NYSE under the ticker CP, announced today that it will restart railway operations across Canada at 00:01 ET on Monday, August 26, 2024. This decision comes after the Canada Industrial Relations Board (CIRB) issued an order mandating the resumption of operations and the return of Teamsters Canada Rail Conference (TCRC) employees to their positions. Canadian Pacific Kansas has confirmed its full compliance with the CIRB directive and has ended the lockout that began on Thursday, August 22.
The company has requested that TCRC employees return to work for the day shift on Sunday to expedite the resumption of operations and minimize further disruptions to the Canadian economy and supply chains. The company’s management team is currently executing a restart plan to ensure the safe and orderly resumption of rail services across the country. Canadian Pacific Kansas is also working closely with its customers to facilitate a balanced return to normal operations.
The CIRB has scheduled a case management meeting for Thursday, August 29, to discuss the imposition of final binding interest arbitration. In accordance with the CIRB order, the existing collective agreements between Canadian Pacific Kansas and the union will remain in effect. This decision by the CIRB follows the Canadian Minister of Labour’s directive issued on Thursday, August 22, under the authority of Section 107 of the Canada Labour Code.
Canadian Pacific Kansas is eager to welcome back its Canadian workforce, including locomotive engineers, conductors, yardpersons, and dispatchers. The company is focused on restoring its railway operations to full capacity and resuming the movement of trade and commerce throughout North America. The CIRB’s order concludes several months of uncertainty and disruption, which have had a significant impact on the Canadian economy and North American supply chains.
Canadian Pacific Kansas anticipates that it will take several weeks for the railway network to fully recover from the work stoppage, with supply chains stabilizing over a longer period. Forward-Looking Statements This news release contains forward-looking statements as defined by applicable securities laws in both the U.S.
and Canada. These statements pertain to various aspects of Canadian Pacific Kansas’s operations, including collective bargaining, potential work stoppages, and business outlook. Forward-looking statements are often identified by terms such as “expect,” “plan,” “will,” and similar expressions.
It is important to note that forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those anticipated include changes in business strategies, economic conditions, competition, market demand, regulatory changes, and various operational risks. Canadian Pacific Kansas advises against placing undue reliance on forward-looking statements, as actual outcomes may vary significantly.
The company does not undertake any obligation to update or revise these statements, except as required by law. About Canadian Pacific Kansas Headquartered in Calgary, Alberta, Canadian Pacific Kansas is the first and only single-line transnational railway linking Canada, the United States, and Mexico, providing unparalleled access to key markets across North America. With a network spanning approximately 20,000 route miles and employing 20,000 railroaders, Canadian Pacific Kansas offers a comprehensive suite of freight transportation services, logistics solutions, and supply chain expertise.
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