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CP Rail Reaches Deal With Union, Ending Work Stoppage
Canadian Pacific Railway (CP) has agreed to a new contract for its 3,000 unionized employees, ending a two-day work stoppage.
CP Rail's stock price rose 2% on news of the deal, ending trading in Toronto at $102.80 per share.
The strike across Canada had disrupted shipments when supply chains are already stretched, with Russia's invasion of Ukraine worsening a global food shortage.
Canada is a major supplier of agricultural crops and potash used as fertilizer, with the bulk of shipments traveling by rail.
Spring seeding is four to six weeks away in Canada and even sooner in the U.S., and the fertilizer industry had urged the government step in to resolve the labour dispute.
Federal mediators were involved in the negotiations between the Calgary-based railway and the Teamsters Canada Rail Conference union, which represents locomotive engineers, conductors and yard workers.
Details of the new labour pact weren't immediately available.
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