21 March 2005
Track Maintenance
Employees Ratify Contract with Canadian Pacific Railway
Canadian Pacific Railway
(TSX/NYSE: CP) announced that track maintenance employees have ratified a three-year
collective agreement reached with the Teamsters Canada Rail Conference - Maintenance of Way Employees
Division.
The agreement, which covers approximately 2,500 employees, extends to the end of 2006. It provides for
improvements in wages, pensions and benefits, and includes work rule changes that will result in
increased productivity. Wage increases are 3 percent in each of the three years of the agreement.
Rob Ritchie, President and Chief Executive Officer of CPR, said: "We are pleased with the
progress being made in our contract negotiations. This settlement with our track maintenance employees
follows the pattern we have established in our contract settlements. It provides for mutual benefits
that deliver value to employees and shareholders and provides for a productive work
environment."
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