Exhibit 99.1
Release: March 20, 2022
Work stoppage Saturday initiated by TCRC, not by CP
Calgary – Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) said that while the company was still engaged in ongoing negotiations facilitated by federal mediators, the Teamsters Canada Rail Conference (TCRC) withdrew its services and issued a news release misrepresenting the status of the talks.
“We are deeply disappointed that, in the final hours before a legal strike or lockout was to potentially occur, the TCRC Negotiating Committee failed to respond to the company’s latest offer that was presented to them by the federal mediators,” said Keith Creel, CP President and Chief Executive Officer. “Instead, the TCRC opted to withdraw their services before the deadline for a strike or lockout could legally take place. The TCRC is well aware of the damage this reckless action will cause to the Canadian supply chain.”
Additionally, prior to the midnight deadline, the TCRC Negotiating Committee issued a news release that completely misrepresented the truth. The release falsely claimed that CP had initiated a lockout. Contrary to the TCRC Negotiating Committee’s claim, the work stoppage was initiated by the TCRC. In reality, it was CP, with the Director General, Federal and Conciliation Services, that remained waiting at the table with the desire to continue bargaining.
This is clearly a failure of the TCRC Negotiating Committee’s responsibility to negotiate in good faith. The company will be reviewing avenues to have this egregious behavior properly addressed.
As a result of the TCRC’s action, CP is executing a safe and structured shutdown of its train operations across Canada and will work closely with customers to wind-down Canadian operations.
TCRC represents approximately 3,000 locomotive engineers, conductors, train and yard workers across Canada.
CP has launched a fact-based information hub with materials about negotiating history and the issues and consequences of a work stoppage. Visit cpr.ca/TCRC2022 to learn more.
Forward looking information
This news release contains certain forward-looking information within the meaning of applicable securities laws relating, but not limited to, collective bargaining between CP and its labour unions, potential work stoppage and CP’s business, operations and service. This forward-looking information also includes, but is not limited to, statements concerning expectations, beliefs, plans, goals, objectives, assumptions and statements about possible future events, conditions, and results of operations or performance. Forward-looking information may contain statements with words or headings such as “financial expectations”, “key assumptions”, “anticipate”, “believe”, “expect”, “plan”, “will”, “outlook”, “should” or similar words suggesting future outcomes.
