Canadian Pacific Announces Ratification Of Hourly-rate Deal With BLET

(RTTNews) - Canadian Pacific Railway Ltd. (CP.TO)(CP), Canada's second-largest railroad operator, said it has ratified a transformational multi-year collective agreement with its 450 U.S. engineers represented by the Brotherhood of Locomotive Engineers and Trainmen or BLET.

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

The agreement also gives BLET members the ability to take part in the employee share purchase plan. It spans three years with an option for either side to revert to the former agreement if written notice is given before the beginning of the third year. If no party reverts, the agreement is extended for two more years.