That was quick: Canadian Pacific, Teamsters settle strike

  Photo: Shutterstock

Photo: Shutterstock

Less than 24 hours after the Teamsters struck Canadian Pacific, the walkout is over.

CP said Wednesday afternoon that it had a tentative four-year agreement with the conductors and locomotive engineers on the main CP system. CP also said it had signed a five-year agreement with conductors and locomotive engineers on the smaller KVR railway.

The deal must be ratified by the approxiately 3,000 members of the Teamsters Canada Rail Conference.

"This is a positive result for our TCRC employees and their families, the 12,000-strong CP family, our customers and the entire Canadian economy," Keith Creel, CP President and CEO, said in a prepared statement. "It is especially meaningful to achieve a four-year tentative agreement with our valued locomotive engineers and conductors, providing long-term stability for all parties involved. This is a significant step toward a renewed positive relationship growing forward together serving our customers and the Canadian economy."

The company said no further details would be released "at this time."

Doug Finnison, the president of the TCRC, said the agreement is "a solid step in re-establishing a positive business relationship and moving forward." "We have had the discussion that needed to take place," Finnison was quoted as saying in the statement.

CP reached a three-year agreement with members of the International Brotherhood of Electrical Workers right about the same time as the 10 p.m. Eastern time deadline for the strike authorization.