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Feb
23

CP reveals slate of board nominees

Rail News Home Canadian Pacific 2/23/2022 Rail News: Canadian Pacific
CP Chair Isabelle Courville is standing for re-election to the Class I's board at an annual meeting to be held on April 27. Photo – cpr.ca

Canadian Pacific today announced a slate of nine nominees standing for election as directors at the annual and special meeting scheduled for April 27.

The nominees are CP Chair Isabelle Courville, John Baird, CP President and CEO Keith Creel, Jill Denham, Edward Hamberger, Matthew Paull, Jane Peverett, Andrea Robertson and Gordon Trafton.

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Feb
10

Teamsters to hold strike vote at Canadian Pacific

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Canadian Pacific

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Feb
10

Teamsters to hold strike vote at Canadian Pacific

Rail News Home Canadian Pacific 2/10/2022 Rail News: Canadian Pacific
The TCRC will conduct a strike vote among its more than 3,000 members who work for CP. Photo – teamstersrail.ca

The Teamsters Canada Rail Conference (TCRC) has served a notice of dispute to Canadian Minister of Labor Seamus O'Regan under Canada's labor code regarding the union's differences with Canadian Pacific.

The main issues at hand include wages, benefits and pensions, according to a TCRC press release.

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Jan
28

Canadian Pacific posts Q4 results, prepares to 'make history'

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Canadian Pacific

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Jan
28

Canadian Pacific posts Q4 results, prepares to 'make history'

Rail News Home Canadian Pacific 1/28/2022 Rail News: Canadian Pacific
Canadian Pacific yesterday reported fourth-quarter 2021 revenue rose 1% to CA$2.04 billion and net income fell 34% to CA$532 million compared with the same quarter in 2020.CP’s diluted earnings per share (EPS) decreased to 74 cents from $1.19 in Q4 2020, while the adjusted diluted EPS decreased to 95 cents from $1.01 in Q4 2020.The Class I’s Q4 2021 operating ratio (OR), which increased 530 basis points to 59.2%, includes $36 million in costs related to the Kansas City Southern acquisition. The adjusted OR, which excludes the acquisition-related costs, increased 360 basis points to 57.5%.During the quarter, CP "reached a crucial milestone in our journey to create the first single-line rail network linking the U.S., Mexico and Canada by combining with Kansas City Southern, which closed into voting trust Dec. 14," said CP President and CEO Keith Creel in a press release.CP reported that KCS posted Q4 revenue of $748 million, up from $693 million a year earlier, and an adjusted OR of 60.1% for the quarter."I am excited for what lies ahead with this franchise as we move past the uncertainty and extensive supply chain disruptions created by the COVID-19 pandemic," Creel said."The demand environment and overall economic strength, combined with CP's unique initiatives and service excellence, have us well-positioned to drive profitable growth for our customers, employees and shareholders," Creel continued. "These factors, coupled with the progression of our proposed combination with Kansas City Southern, position CP for another history-making year."

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Jan
20

CP named top performer on Corporate Knights 2022 Global 100 Index

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Jan
20

CP named top performer on Corporate Knights 2022 Global 100 Index

Rail News Home Canadian Pacific 1/20/2022 Rail News: Canadian Pacific
Canadian Pacific has been named the top performing freight transportation company on the Corporate Knights 2022 Global 100 Index.The Class I placed 34th overall on the annual list that ranks the most sustainable corporations in the world. The Corporate Knights evaluated 6,914 companies worldwide on 24 quantitative key performance indicators that reflect each industry’s "impact profile" regarding clean revenue and investment, emissions, diversity,  health and safety, and workforce management."We are proud to be a sustainably-driven company and industry leader, and know there is more work to be done on our journey," said CP President and CEO Keith Creel in a press release. "We will continue to challenge ourselves to look for innovative approaches to advance our sustainability performance." 

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Jan
14

CP: Springfield Line will be part of CPKC's growth

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Jan
14

CP: Springfield Line will be part of CPKC's growth

Rail News Home Canadian Pacific 1/14/2022 Rail News: Canadian Pacific
CN's proposal regarding Kansas City Southern’s Springfield Line is built on a "series of factual errors or misstatements," Canadian Pacific officials said yesterday.CN announced earlier this week that it would ask the Surface Transportation Board (STB) to condition approval of a CP-KCS merger on the divestiture of the Springfield Line — KCS’ lines from Kansas City, Missouri, to Springfield and East St. Louis, Illinois — to CN.But in a prepared statement, CP officials said the Springfield Line is not “parallel” to CP’s line between Kansas City and Chicago."KCS’s line is line is not part of a through route to Chicago in conjunction with CN. In fact, there is no direct connection between KCS and CN today at Springfield, and historic interchange volumes reflect the absence of any actual service here," CP officials stated.As part of the CP-KCS merger, the lines will grow along with the new company, they said."The route from Kansas City to St. Louis and the other assets CN wants the STB to force CP to divest are important parts of the combined CPKC growth story providing new, competitive single-line routes connecting CP's network with customers and port facilities in St. Louis, and connections to eastern carriers. CP anticipates an increase of traffic on this corridor of 30%," they added.

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Dec
28

CP, Canadian Tire ink contract extension

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Dec
28

CP, Canadian Tire ink contract extension

Rail News Home Canadian Pacific 12/28/2021 Rail News: Canadian Pacific
The agreement builds on the more than 90 years of shared success the companies have had servicing Canadian Tire’s dealer and corporate stores. Photo – cpr.ca

Canadian Pacific and Canadian Tire Corp. today announced a multiyear agreement to continue moving the retailer's goods in Canada.

To support the efficient movement of Canadian Tire's goods and reduce carbon emissions, CP will begin directly serving Ashcroft Terminal in Ashcroft, British Columbia, reducing the need to shift volumes to truck, officials at both companies said in a joint press release.

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Dec
23

CP seals new long-term pact with major potash exporter

Rail News Home Canadian Pacific 12/23/2021 Rail News: Canadian Pacific
Canadian Pacific today announced it executed a new long-term agreement with potash exporting and marketing firm Canpotex Ltd.The parties’ new seven-year contract — which runs through 2028 — succeeds the current 10-year pact that expires in 2022.CP is Canpotex’s primary rail service provider for transporting Canadian potash to overseas export markets."Canpotex and CP are like-minded organizations, focused on asset utilization and efficiency. This long-standing relationship makes sense for us both,” said CP President and CEO Keith Creel in a press release.CP enables the potash exporter’s supply chain to be optimized more efficiently and safely from mine to port terminals by leveraging the railroad’s service options and network capacity, Canpotex officials said."This new agreement … will provide the safe and efficient rail service we depend on to reliably reach our customers in overseas markets," said Canpotex President and CEO Gord McKenzie.

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Dec
22

CP announces millions in funding raised for pediatric hospitals

Rail News Home Canadian Pacific 12/22/2021 Rail News: Canadian Pacific
Canadian Pacific this week announced that the CP Women's Open golf tournament has helped raise more than CA$2.8 million over the past two years for the British Columbia Children’s Hospital Foundation.The money will go toward the hospital's purchase of cardiac ultrasound machines and other equipment, as well as research that supports the catheterization program, CP officials said in a press release.An additional CA$557,000 will go to Kamloops Royal Inland Hospital for renovations and equipment for a new cardiac wing.The CP Women’s Open tournament has not been held since before the pandemic, but has continued to raise money in the meantime. Fundraising efforts since CP assumed title sponsorship have totaled more than CA$16.85 million."We are grateful for the community's ongoing participation and support, and look forward to bringing the CPWO back once it is safe to do so," said CP President and CEO Keith Creel.

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Dec
09

Canadian Pacific shareholders vote for KCS merger plan

Rail News Home Canadian Pacific 12/9/2021 Rail News: Canadian Pacific
"The overwhelming support our shareholders have given to the transaction is critical to making this combination a reality," said CP President and CEO Keith Creel. Photo –

Canadian Pacific shareholders yesterday voted overwhelmingly in favor of the issuance of CP common shares to Kansas City Southern common stockholders in connection with the proposed CP-KCS combination.

The CP shareholders voted on two items during yesterday's special meeting. The first vote was to approve the issuance of up to 277,960,197 CP common shares as the share consideration under the terms of the merger agreement. The second vote was to approve the Class I’s name change to Canadian Pacific Kansas City Ltd. The name change depends on the proposed merger’s approval by the U.S. Surface Transportation Board (STB).

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Nov
29

CP's Creel is magazine's top strategist of 2021

Rail News Home Canadian Pacific 11/29/2021 Rail News: Canadian Pacific
The Globe and Mail's Report on Business magazine has named Canadian Pacific President and CEO Keith Creel its 2021 Strategist of the Year award winner.The magazine bestows awards each year to five CEOs who have materially changed and improved the strategic position of his or her organization. The other four annual awards are the new CEO of the year, corporate citizen of the year, global visionary of the year and innovator of the year.Creel became CP's president and CEO in January 2017 and joined the Class I’s board in May 2015. He is the 17th person to lead the company since its founding in 1881. Creel previously was appointed president and chief operating officer in February 2013."It is my honor to accept this award on behalf of the entire CP family of railroaders. Leading the dedicated people who make this iconic company run safely and efficiently is one of the great privileges of my life," said Creel in a press release.Prior to joining CP, Creel served CN as executive vice president and COO. His previous positions at CN include executive vice president of operations, senior VP of the Eastern Region and Western Region, and VP of the Prairie Division. Creel began his railroading career at Burlington Northern Railway in 1992 as an intermodal ramp manager in Birmingham, Alabama."Keith is a focused, extraordinary leader with unwavering determination. We are proud to have him leading our iconic Canadian company," said CP Chair Isabelle Courville.

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Nov
23

CP to open British Columbia rail corridor today

Rail News Home Canadian Pacific 11/23/2021 Rail News: Canadian Pacific
The tracks will open between Kamloops and Vancouver by mid-day Nov. 23. Photo – cpr.ca

Canadian Pacific will reopen a British Columbia rail corridor today following severe weather conditions that have knocked out service since Nov. 14.

The tracks will open between Kamloops and Vancouver by mid-day, CP officials said in a press release.

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Nov
18

Canadian Pacific launches debt offering in U.S., Canada

Rail News Home Canadian Pacific 11/18/2021 Rail News: Canadian Pacific
Canadian Pacific is issuing a debt offering in the United States and Canada. The net proceeds will be used to help fund CP's acquisition of Kansas City Southern.In the United States, CP is issuing $1.5 billion of 1.35% notes due 2024, $1 billion of 1.75% notes due 2026, $1.4 billion of 2.45% notes due 2031, $1 billion of 3.0% notes due 2041 and $1.8 billion of 3.1% notes due 2051, which will be guaranteed by CP, according to a company press release.The U.S. offering is due to close Dec. 2.In Canada, CP is issuing CA$1 billion of 1.589% notes due 2023 and CA$1.2 billion of 2.54% notes due 2028, which will be guaranteed by CP. The Canadian offering is expected to close Nov. 24.

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Nov
15

CP named to Dow Jones Sustainability North America Index for second consecutive year

Rail News Home Canadian Pacific 11/15/2021 Rail News: Canadian Pacific
Canadian Pacific today announced it’s been named to the Dow Jones Sustainability North America Index (DJSI North America) for 2021. The Class I landed on the list for the second straight year.The index represents the top 20% of North America’s 600 largest companies (as evaluated by S&P Global) that demonstrate sustainability initiatives. Dow Jones' corporate sustainability assessment evaluated the economic, environmental and social criteria for meeting index designation.The Class I's long-term organizational commitment to sustainability practices demonstrates its success at being a sustainably-driven railroad, CP officials said in a press release.The railroad’s 2020 corporate sustainability report aligns with recommendations from the Task Force on Climate-Related Financial Disclosure and supports the United Nations Sustainable Development Goals. CP’s climate strategy lays out a path to adapt operations to changing environmental standards through greenhouse gas reductions."We are proud that DJSI is recognizing [our] commitment to being a sustainability leader in the transportation sector," said CP President and CEO Keith Creel. "We continually look for innovative, impactful ways to advance our objectives and to embed sustainability in all levels of our organization."

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Nov
04

CP honors most productive grain elevators of the year

Rail News Home Canadian Pacific 11/4/2021 Rail News: Canadian Pacific
CP awarded G3 Pasqua (shown) and CHS Northland Grain Hazel with the Class I's 2020-2021 Elevators of the Year award. Photo – g3.ca

Canadian Pacific has recognized G3 Pasqua and CHS Northland Grain Hazel (U.S.) with its 2020-2021 Elevators of the Year award.

The annual award goes to grain elevators that achieve high volumes from a single loading point while consistently demonstrating efficient rail-car loading and a strong commitment to safety, CP officials said in a press release.

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Nov
04

Canadian Pacific sets shareholder meeting for KCS merger vote

Rail News Home Canadian Pacific 11/4/2021 Rail News: Canadian Pacific
Canadian Pacific has scheduled a Dec. 8 special meeting for its shareholders to vote on its proposed acquisition of Kansas City Southern.The meeting will be held virtually and is open to all shareholders who held CP common stock as of the close of business Nov. 1. As announced on Sept. 15, CP has agreed to acquire KCS in a cash and stock transaction worth $31 billion, including the assumption of $3.8 billion in outstanding KCS debt. KCS has been valued at $300 per share.The Surface Transportation Board on Sept. 30 approved the use of a voting trust for the transaction. Shareholders from both companies have to approve the combination.At the closing, KCS shareholders will receive 2.884 CP shares and $90 in cash for each KCS common share held, and KCS’s voting shares will be placed into trust. The companies expect the transaction to close by first-quarter 2022, CP officials said in a press release.

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