CN Ratifies Four-Year Collective Agreements with Unifor for 3,300 Employees

CN's new four-year agreements with Unifor, ratified by 3,300 employees, include annual 3% wage increases.

Quiver AI Summary

CN has announced that its new four-year collective agreements with Unifor, representing about 3,300 Canadian employees in various positions, were ratified on December 22, 2024. The agreements include annual wage increases of 3% and will remain in effect until December 31, 2028. Tracy Robinson, CN's CEO, expressed satisfaction with the collaborative negotiations that led to these agreements, emphasizing their role in strengthening the workforce and improving service reliability across North America. CN operates a vast rail network that facilitates the transportation of goods, supporting economic growth and sustainable trade since 1919.

Potential Positives

• The ratification of the new four-year collective agreements with Unifor demonstrates CN's successful collaborative negotiations, fostering a positive labor relationship.
• The agreements include a steady annual wage increase of 3%, enhancing employee satisfaction and retention.
• This new agreement provides stability for CN's workforce, allowing the company to maintain a reliable service for customers across North America.
• The agreements extend until December 31, 2028, offering long-term labor stability for CN's operations.

Potential Negatives

• Potential financial strain from wage increases; while the 3% annual wage increase may boost employee morale, it could also increase operational costs significantly over the four-year agreement period.
• The ratification of collective agreements may indicate previous instability in labor relations, raising concerns about the company's handling of workforce management and negotiations.
• The expiration date of these agreements may create uncertainties for future negotiations, suggesting a lack of long-term labor peace and potential for future disruptions.

FAQ

What are the new agreements between CN and Unifor?

The new agreements are four-year collective agreements that have been ratified by employees representing approximately 3,300 workers at CN.

When do the new CN and Unifor agreements expire?

The agreements will expire on December 31, 2028, providing benefits and wage increases during their term.

What wage increases are included in the CN agreements?

The new agreements include annual wage increases of 3% for the duration of the four-year term.

How does CN support the economy?

CN transports over 300 million tons of goods annually, connecting vital trade routes across North America.

Who is the CEO of CN?

The CEO of CN is Tracy Robinson, who emphasizes collaboration in negotiations with Unifor.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$CNI Hedge Fund Activity

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• FIL LTD removed 10,005,323 shares (-70.1%) from their portfolio in Q3 2024
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• NATIONAL BANK OF CANADA /FI/ added 2,146,948 shares (+46.8%) to their portfolio in Q3 2024
• ARTISAN PARTNERS LIMITED PARTNERSHIP removed 1,814,500 shares (-100.0%) from their portfolio in Q2 2024
• CAPITAL INTERNATIONAL INVESTORS added 1,790,535 shares (+20.6%) to their portfolio in Q3 2024
• ARROWSTREET CAPITAL, LIMITED PARTNERSHIP added 1,628,703 shares (+78.2%) to their portfolio in Q3 2024
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Full Release

MONTREAL, Dec. 23, 2024 (GLOBE NEWSWIRE) -- CN (TSX: CNR) (NYSE: CNI) announced today that its new four-year tentative collective agreements with Unifor were formally ratified by employees on Sunday, December 22, 2024. The union represents approximately 3,300 employees at CN in Canada, working in different mechanical, clerical, and intermodal functions, all covered by multiple collective agreements.

"We are pleased to have achieved these new collective agreements through collaborative negotiations. By working together with Unifor, we now have new agreements that strengthen our workforce and enhance our ability to serve customers reliably across North America. I want to thank both teams for their constructive approach to these negotiations and their shared commitment to CN's long-term success."


- Tracy Robinson, President and Chief Executive Officer, CN

These new four-year agreements include 3% wage increases annually. They expire on December 31

^st

, 2028.

About CN



CN powers the economy by safely transporting more than 300 million tons of natural resources, manufactured products, and finished goods throughout North America every year for its customers. With its nearly 20,000-mile rail network and related transportation services, CN connects Canada’s Eastern and Western coasts with the U.S. Midwest and the Gulf of Mexico, contributing to sustainable trade and the prosperity of the communities in which it operates since 1919.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.