UPDATE 1-CP Rail reaches tentative deal with police union
November 21st, 2009 | by admin |(Adds company comments, detail, stock prices)
OTTAWA, Nov 20 (Reuters) - Canadian Pacific Railway Ltd(CP.TO ) (CP.N ) said on Friday it reached a tentative,three-year labor agreement with the union that representsrailway police.
Canada’s second biggest railroad will keep details of thecontract with the Canadian Pacific Police Association underwraps until union members ratify it.
Calgary-based CP Railway said it is currently in talkswith the rail maintenance workers represented by TeamstersCanada Rail Conference and will start talks with theInternational Brotherhood of Electrical Workers. Contracts forboth unions expire Dec. 31, 2009.
“CP operations continue as normal and we are optimisticthat settlements will be possible with both the (unions),”spokesman Mike LoVecchio said via email.
In September, United Steel Workers ratified an agreementwith a 6 percent wage increase for three years ending 2012. Thecontract affects 1,100 clerical and intermodal workers at therailroad.
Shares of CP Railway rose 41 Canadian cents to C$52.74 onthe Toronto Stock Exchange and 8 cents to $49.30 in New York onFriday. The stock has climbed about 25 percent year-to-date. ($1=$1.07 Canadian) (Reporting by Susan Taylor, editing by Gerald E. McCormick)
