MONTREAL, Dec. 12, 2011 /PRNewswire/ - CN (TSX: CNR) (NYSE: CNI) and the Teamsters Canada Rail Conference (TCRC) announced today that they have reached a tentative agreement to renew the labour contract for approximately 1,800 CN locomotive engineers in Canada.
Details of the agreement are being withheld pending ratification by TCRC members, a process expected to take approximately 60 days.
Keith Creel, CN executive vice-president and chief operating officer, said: "CN is very pleased to have reached this settlement with TCRC engineers in advance of the expiration of the current labour contract on Dec. 31, 2011. This is a clear indication of the focus that the leadership of the TCRC and our team brought to the table to resolve issues of mutual interest."
Rex Beatty, president of the TCRC, said: "To my knowledge, it's the first time we have reached a tentative agreement with CN before the expiration of the old contract. This was only possible after three rounds of intense negotiations, but without the assistance of the Federal Mediation and Conciliation Service."
Certain information included in this news release constitutes "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. CN cautions that, by their nature, these forward-looking statements involve risks, uncertainties and assumptions. The Company cautions that its assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance of the Company or the rail industry to be materially different from the outlook or any future results or performance implied by such statements.
Important risk factors that could affect the forward-looking statements include, but are not limited to, the effects of general economic and business conditions, industry competition, inflation, currency and interest rate fluctuations, changes in fuel prices, legislative and/or regulatory developments, compliance with environmental laws and regulations, actions by regulators, various events which could disrupt operations, including natural events such as severe weather, droughts, floods and earthquakes, labor negotiations and disruptions, environmental claims, uncertainties of investigations, proceedings or other types of claims and litigation, risks and liabilities arising from derailments, and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should be made to "Management's Discussion and Analysis" in CN's annual and interim reports, Annual Information Form and Form 40-F filed with Canadian and U.S. securities regulators, available on CN's website, for a summary of major risks.
CN assumes no obligation to update or revise forward-looking statements
to reflect future events, changes in circumstances, or changes in
beliefs, unless required by applicable Canadian securities laws. In the
event CN does update any forward-looking statement, no inference should
be made that CN will make additional updates with respect to that
statement, related maters, or any other forward-looking statement.
CN - Canadian National Railway Company and its operating railway subsidiaries - spans Canada and mid-America, from the Atlantic and Pacific oceans to the Gulf of Mexico, serving the ports of Vancouver, Prince Rupert, B.C., Montreal, Halifax, New Orleans, and Mobile, Ala., and the key metropolitan areas of Toronto, Buffalo, Chicago, Detroit, Duluth, Minn./Superior, Wis., Green Bay, Wis., Minneapolis/St. Paul, Memphis, and Jackson, Miss., with connections to all points in North America. For more information on CN, visit the company's website at www.cn.ca.
The TCRC represents 125,000 members in Canada in all trades. The International Brotherhood of Teamsters, with which the TCRC is affiliated, has 1.4 million members in North America.