CALGARY — The Canadian Pacific Police Association and Canadian Pacific have reached a tentative three-year contract settlement. The Memorandum of Settlement will be sent to the membership for ratification. Details of the tentative agreement will be released following ratification.
SIOUX FALLS, S.D. — On Nov. 11, all Canadian Pacific and Dakota, Minnesota and Eastern Railroad trains will safely halt at 11AM local time, observe two minutes of respect in silence and then sound a long train whistle in tribute. A Remembrance Day and Veterans Day service will also be held at CP’s headquarters in Calgary. “On this day, Canadian Pacific will recognize the contributions our employees made in times of war. On land, at sea and in the air, at home and abroad, the company, its people, its resources, its ingenuity and expertise were needed,” said Fred Green, Canadian
MINNEAPOLIS — Canadian Pacific’s brightly decorated Holiday Train returns to the rails in late November, raising food, money and awareness for food banks across North America. Last year, the Holiday Train helped raise more than $500,000 and 250,000 lbs of food and there is greater need this year. “Canadian Pacific is proud to support communities where we operate, raising more than $4 million in funds and two million pounds of food in the Holiday Train’s first decade,” said CP President and CEO Fred Green. “Each year, the Holiday Train’s message gets stronger and the impact on our employees and in
MONTREAL — Canadian Pacific and the United Steelworkers (USW), Local 1976, representing 1,100 clerical and intermodal workers, have announced the ratification of a three-year contract settlement. The agreement provides for a six per cent wage increase for the three years spanning 2010 to 2012.
The Association of American Railroads reported that recent rail traffic gains have slowed in the week preceding the Labor Day Holiday. For the week ended Sept. 5, 2009, U.S. railroads reported originating 284,715 cars, down 6.7 percent compared with the same week in 2008. Regionally, carloadings were down 7.1 percent in the West and 6.0 percent in the East.
WASHINGTON — The Association of American Railroads today reported that rail traffic continues to register incremental gains on a week-to-week basis, but remains down year over year. Rail carloadings were at their highest level since the week ended Dec. 13, 2008. For the week ended Aug. 29, 2009, U.S. railroads reported originating 285,580 cars, down 16.2 percent compared with the same week in 2008. Regionally, carloadings were down 16 percent in the West and 16.6 percent in the East. Intermodal traffic of 202,553 trailers or containers on U.S. railroads was down 15.6 percent from the same week last year. Container
CALGARY — Canadian Pacific Railway Limited announced it has been awarded the Governance Gavel Award for Director Disclosure by the Canadian Coalition for Good Governance (CCGG). The award recognizes excellence in shareholder communications, particularly through the annual proxy circular. A company’s disclosure is judged against best practices as defined by the CCGG. “This award recognizes our ongoing efforts to ensure the timeliness, clarity and transparency of communications with our shareholders,” said Kathryn McQuade, CP’s Chief Financial Officer. “At Canadian Pacific, we continually strive to improve our governance and disclosure procedures through review and comparison with best practices. We are pleased
CALGARY — Canadian Pacific Railway announced the sale of Windsor Station and significant other related real estate assets to The Cadillac Fairview Corporation Limited for $86 million. As part of the transaction, Canadian Pacific has entered into a long term lease with Cadillac Fairview, and will remain the principal tenant of Windsor Station, reflecting its close connection to the building and its long-term presence in Montreal. The transaction has received the necessary regulatory approvals, including federal government approval.
CALGARY — Canadian Pacific Railway announced second-quarter net income of $157 million, an increase of two per cent from $155 million in 2008. The impact on net income from a decline in freight volumes was offset by a net gain after tax on the sale of a portion of CP’s interest in the Detroit River Tunnel Partnership of $69 million. Diluted earnings per share were $0.93, a decrease of seven per cent from $1.00 in second-quarter 2008. “The recession continues to have a significant impact on our business and although freight volumes appear to have stabilized, we have not yet
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