CN Receives Order of Binding Arbitration

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

The Labor Arbitration Commission also ordered that no further work stoppages, including lockouts or strikes, be allowed during the arbitration process. This means that the strike notice recently issued by the truckers to CN is now void.

CN will abide by the order, which also extends the current collective agreement until a new agreement is signed between the two parties.

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Over the past nine months, CN has negotiated in good faith to get an agreement on the table. The company has consistently proposed offers that include better wages, better rest, more predictable work schedules, and a voluntary mobile workforce.

While CN is disappointed that an agreement could not be reached at the negotiating table, the company is pleased that this order effectively ends the uncertainty that has been negatively impacting supply chains for months.

CN remains focused on moving cargo safely again, and as efficiently as possible.

CN Forward-Looking Statements
Certain statements made by CN and included in this press release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN cautions that its assumptions may not be realized and that current economic conditions make such assumptions, although reasonable at the time they are made, subject to greater uncertainty. Forward-looking statements can be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets” or other similar words. Forward-looking statements speak only as of the date they are made. CN undertakes no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances or changes in beliefs, unless required by applicable securities laws. If CN updates any forward-looking statement, no inference should be made that CN will make additional updates with respect to such statement, related matters, or any other forward-looking statement.

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About CN
CN supports the economy by safely transporting more than 300 million tons of natural resources, manufactured products and finished goods across North America each year for its customers. With a network of nearly 20,000 miles of rail and related transportation services, CN connects the East and West Coasts of Canada to the U.S. Midwest and the Gulf of Mexico, contributing to sustainable commerce and the prosperity of the communities where it has operated since 1919.

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