CN Receives Order of Binding Arbitration

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

The CIRB has additionally ordered that no additional labour stoppage, together with a lockout or strike, can happen in the course of the arbitration course of. Which means that the strike discover not too long ago issued to CN by the Teamsters is now voided.

CN will adjust to the order which additionally extends the present collective settlement till a brand new settlement is signed between the events.

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During the last 9 months, CN negotiated in good religion to achieve a deal on the desk. The Firm constantly proposed affords with higher pay, improved relaxation, extra predictable schedules, and a voluntary cell workforce.

Whereas CN is disenchanted an settlement couldn’t be reached on the bargaining desk, the Firm is happy that this order successfully ends the unpredictability that has been negatively impacting provide chains for months.

CN stays centered on safely getting items shifting once more, as effectively as doable.

CN Ahead-Wanting Statements
Sure statements by CN included on this information launch represent “forward-looking statements” inside the which means of america Non-public Securities Litigation Reform Act of 1995 and underneath Canadian securities legal guidelines. By their nature, forward-looking statements contain dangers, uncertainties and assumptions. CN cautions that its assumptions might not materialize and that present financial situations render such assumptions, though cheap on the time they had been made, topic to larger uncertainty. Ahead-looking statements could also be recognized by means of terminology comparable to “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or different related phrases. Ahead-looking statements replicate info as of the date on which they’re made. CN assumes no obligation to replace or revise forward-looking statements to replicate future occasions, modifications in circumstances, or modifications in beliefs, except required by relevant securities legal guidelines. Within the occasion CN does replace any forward-looking assertion, no inference must be made that CN will make further updates with respect to that assertion, associated issues, or some other forward-looking assertion.

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About CN
CN powers the financial system by safely transporting greater than 300 million tons of pure sources, manufactured merchandise, and completed items all through North America yearly for its clients. With its practically 20,000-mile rail community and associated transportation companies, CN connects Canada’s Japanese and Western coasts with the U.S. Midwest and the Gulf of Mexico, contributing to sustainable commerce and the prosperity of the communities wherein it operates since 1919.

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