(The Canadian Press circulated the following on March 25, 2010.)
MONTREAL — Canada’s largest freight hauler says it has reached a tentative three-year labour agreement with the union representing 200 rail traffic controllers across the country.
Canadian National says details of the agreement with the Teamsters Canada Rail Conference and Rail Canada Traffic Controllers are being withheld until the deal is ratified.
The ratification process is expected to take six weeks. If approved by union members, the new agreement would be retroactive to Jan. 1, 2009.
Earlier this month a federal arbitrator awarded a 6.8 per cent wage increase over three years to locomotive engineers in the union who worked for the Montreal-based company.
The union had sent unresolved wage and benefits issues to binding arbitration after extended talks failed to produce a deal in December.
Shares in CN were up $1.50 to $61.67 Thursday on the Toronto Stock Exchange.