By Adriano Marchese


Canadian Pacific Railway Ltd. said it has come to a two-year agreement with the Teamsters union following binding arbitration which would include wage increases and improved benefits.

On Monday, the Canadian railroad operator said that the new collective agreement with the Teamsters Canada Rail Conference would include a 3.5% wage increase in 2022 and 2023 as well as increased benefits for the union members.

The two parties had agreed to enter into binding arbitration in March of 2022 to resolve outstanding impasses between them.

CP Rail also said that under the arbitration decision, the TCRC would also join a CP pension Improvement Account.

The Teamsters union represents around 3,000 locomotive engineers, conductors, train and yard workers across the country.

Shares in the session are up 0.5%, at 104.23 Canadian dollars (US$81.57), and nearly 15% year-to-date.


Write to Adriano Marchese at adriano.marchese@wsj.com


(END) Dow Jones Newswires

08-15-22 1127ET