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."
Forward-Looking Statements
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.
SOURCE CN