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CP says "sudden" wheel bearing failure led to derailment on Sunday

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Canadian Pacific Railway (TSE: CP) says a "sudden and unexpected" wheel bearing failure in one rail car caused the derailment of its freight train near Sudbury, Ontario on Sunday morning. 

After completing a preliminary investigation, the company said the derailed car struck the bridge as the train was crossing the Wanapitei River and then forced other cars off the tracks. 

CP said instruments that gauge the temperature of the rail car wheels along the route did not detect any abnormalities. 

A crew is trying to remove four shipping containers that are still in the river. At this point, there are no environmental hazards related to the accident. There were no injuries. 

In a separate incident at a Calgary rail yard, CP says the worker who died was not a company employee, according to Reuters. The death happened at a third-party contractor site next to CP's Ogden Park rail yard.

CP dropped nearly a per cent to close the day at $138.17.

Quick facts: Canadian Pacific Railway

Price: 354.74 CAD

TSX:CP
Market: TSX
Market Cap: $48.11 billion
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