CN receives binding arbitration award

MONTREAL, Aug. 24, 2024 (GLOBE NEWSWIRE) — CN (TSX: CNR) (NYSE: CNI) has received an order from the Canada Industrial Relations Board (CIRB) directing binding arbitration between the Company and the Teamsters Canada Rail Conference (TCRC).

The CIRB has also ordered that no further work stoppages, including lockouts or strikes, can take place during the mediation process, meaning that the strike notice the Teamsters recently issued to CN is now invalid.

CN will comply with the order, which will also extend the term of the current collective agreement until a new agreement is signed between the parties.

Over the past nine months, CN has negotiated in good faith to reach an agreement, consistently offering better pay, improved rest periods, more predictable work hours and a voluntary mobile workforce.

While CN is disappointed that no agreement could be reached at the negotiating table, the company is pleased that this order effectively ends the unpredictability that has been negatively impacting supply chains for months.

CN remains focused on resuming the movement of goods safely and as efficiently as possible.

Forward-looking statements of CN
Certain statements made by CN in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not occur and that these assumptions, while reasonable at the time they were made, are subject to greater uncertainty due to current economic conditions. Forward-looking statements can be identified by the use of terms such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets” or other similar words. Forward-looking statements reflect information as of the date they are made. CN undertakes no obligation to update or revise any forward-looking statements to reflect future events, changes in circumstances or changes in beliefs, except as required by applicable securities laws. If CN updates a forward-looking statement, it should not be inferred that CN will provide additional updates with respect to that statement, related matters or other forward-looking statements.

About CN
CN powers the economy by safely transporting more than 300 million tonnes of natural resources, industrial products and manufactured goods each year across North America for its customers. With its nearly 32,000 kilometres of rail and related transportation services, CN connects the east and west coasts of Canada with the U.S. Midwest and the Gulf of Mexico, contributing to sustainable trade and prosperity in the communities it has served since 1919.

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