CN and United Steelworkers Reach Tentative Agreement
CN (NYSE: CNI) and the United Steelworkers Local 2004 announced today that they have reached a tentative agreement to renew the labour contract for approximately 2,800 maintenance-of-way employees in Canada. The current agreement is scheduled to expire on Dec. 31, 2011.
Details of the new agreement are being withheld pending ratification by USW members, who inspect, maintain and repair CN's track, bridges and structures in Canada. The ratification process is expected to take approximately 60 days.
Keith Creel, CN executive vice-president and chief operating officer, said: "We are pleased to have reached a new agreement with the Steelworkers, settling issues of mutual interest, before the current contract expires at month's end. This deal reflects on-going dialogues between CN and the Steelworkers." Ken Neumann, USW national director for Canada, said: "We are very proud of our members at CN and the hard work the bargaining committee has done to reach this tentative agreement. This shows that with hard work, solidarity and the involvement of our membership progress can be made."
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.