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Canadian Pacific Railway strike over for now but tentative agreement still to be ratified

Full rail operations will resume as early as Thursday morning across Canada

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A four-year tentative agreement was reached with conductors and locomotive engineers

Canadian Pacific Railway (TSE:CP) has reached a four-year tentative agreement with the union that represents 3,000 conductors and engineers, ending a strike that began last night.

Picket lines came down today and full rail operations will resume as early as Thursday morning across Canada. Another 5-year agreement was also reached with the Kootenay Valley Railway.

In a news release, CP Rail chief executive officer, Keith Creel, said the move was positive for 12,000 CP Rail employees, customers and the entire Canadian economy. 

“It is especially meaningful to achieve a four-year tentative agreement with our valued locomotive engineers and conductors, providing long-term stability for all parties involved,” he said in a statement. “This is a significant step toward a renewed positive relationship growing forward together serving our customers and the Canadian economy.”

READ: Canadian Pacific Railway on strike; disruption in freight traffic looms

While details of the agreement are still being kept under wraps, due to pending ratification, the union said it was pleased with the outcome. 

“We believe this is a fair contract that our members can feel good about ratifying,” stated union president Doug Finnson.

“I am personally very satisfied with what we have negotiated.”

The tentative agreements must be ratified by union members over the coming months.

CP Rail shares were up 2.09% to C$246.04 on Wednesday afternoon. 

Quick facts: Canadian Pacific Railway

Price: 351.65 CAD

TSX:CP
Market: TSX
Market Cap: $47.69 billion
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