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Benzinga
Benzinga
Business
Shivani Kumaresan

Canadian Pacific Reaches Agreement With TCRC To Enter Binding arbitration, End Work Stoppage

CP NYSE Wikimedia Commons Canada
  • Canadian Pacific Railway Ltd (NYSE:CP) and union Teamsters Canada Rail Conference (TCRC) have arrived at an arbitration agreement, paving the way to resume operations.
  • The company's trains were halted on Sunday after a dispute between the company and its workers over contract negotiations.
  • The impasse threatened to amplify the already elongated supply chain snarls.
  • "This agreement enables us to return to work effective noon Tuesday local time to resume our essential services for our customers and the North American supply chain," said CEO Keith Creel.
  • TCRC represents about 3,000 locomotive engineers, conductors, train, and yard workers across Canada.
  • Price Action: CP shares closed higher by 0.56% at $80.42 on Monday.
  • Photo Via Wikimedia Commons
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