Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced it has reached a tentative collective agreement with Unifor on a new contract for mechanical employees in Canada.

"We thank Unifor for working collaboratively with us throughout this process,” said Keith Creel, CP’s President and CEO. “CP is proud to have reached another tentative collective agreement with a valued union partner. This tentative agreement is a testament to the hard work, collaboration and commitment of both sides.”

Unifor represents approximately 1,200 of CP's mechanical employees who are responsible for maintaining rail cars and locomotives. The previous collective agreement expired on Dec. 31, 2022.

Details of the tentative collective agreement will not be released publicly until the agreement has been ratified.