CP Announces Ratification Of Agreement With DM&E BLET

(RTTNews) - Canadian Pacific Railway Ltd. (CP,CP.TO) announced that it has ratified a transformational multi-year collective agreement with its 300 locomotive engineers, assistant engineers, conductors and brakemen on the Dakota, Minnesota & Eastern Railway or DM&E, represented by the Brotherhood of Locomotive Engineers and Trainmen or BLET.

The men and women represented by the BLET on the DM&E join their colleagues from the Soo Line in ratifying this agreement. Soo Line employees ratified their agreement on October 9, 2015.

The new hourly-rate agreement brings an end to a mileage-based wage system from the steam engine era and provides CP with increased flexibility and transparency, the employee with a cycle with two consecutive days off and significantly increased wages.

The agreement - which also gives BLET DM&E members the ability to participate in the employee share purchase plan - spans three years with an option for either side to revert to the former agreement if written notice is given prior to the beginning of the third year. If neither party reverts, the agreement is extended for two more years.