Canadian Pacific Railway (TSX: CP) has reached a tentative deal with the union representing striking engineers, meaning operations will be back to normal as early as Thursday.
The rail company said in a release on Wednesday that it had struck a four-year tentative agreement with conductors and locomotive engineers at CP, and a five-year agreement with conductors and locomotive engineers at the Kootenay Valley Railway, both of which have been on strike since Tuesday.
Though tentative, the deal means the strike is over — for now at least. Ratification votes "will take place over the coming months," Teamsters said, once members can be informed on the contents of the offer, but the picket lines will come down immediately.
Details of the agreement are being withheld pending ratification.
The strike was the third labour stoppage between Canadian Pacific and its workers in less than six years. Past disputes have hinged on financial issues. But one engineer said safety and fatigue issues surrounding scheduling were paramount for him.
CP shares improved 21 cents in early Thursday trading to $245.60
Related Stories
