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Jul
08

CP joins UN Global Compact

Rail News Home Canadian Pacific 7/8/2022 Rail News: Canadian Pacific
The Class I is the first freight-rail company in North America to participate in the U.N. compact, according to CP. Photo – cpr.ca

Canadian Pacific yesterday announced it has joined the United Nations Global Compact, a voluntary leadership platform for the development, implementation and disclosure of socially responsible business practices.

The Class I is the first freight-rail company in North America to participate in the compact, CP officials said in a press release. Launched in 2000, it is the largest corporate sustainability initiative in the world, with more than 15,000 participating companies in more than 160 countries.

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Jun
01

CP to become CMA CMG's primary rail provider in Canada

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Jun
01

CP to become CMA CMG's primary rail provider in Canada

Rail News Home Canadian Pacific 6/1/2022 Rail News: Canadian Pacific
Canadian Pacific yesterday announced a new multiyear agreement with CMA CGM Group in which the Class I will become the shipping company's primary rail provider in Canada, serving the ports of Vancouver, Montreal and Saint John.CP's access to the ports of Vancouver and Montreal, as well as to Port Saint John via New Brunswick Southern Railway, will enable the Class I to move the majority of CMA CGM's freight from Canadian ports to key Canadian and U.S. Midwest inland markets, CP officials said in a press release.The railroad will provide the company with "safe and reliable service that includes the shortest route miles to key markets," said John Brooks, CP's executive vice president and chief marketing officer. "CP's dedication to best-in-class service is enabling supply chain recovery that will drive future growth opportunities for the North American economy," he said.The agreement also recognizes future growth opportunities connected to CP's proposed merger with Kansas City Southern, which would add market reach and create new efficiencies, CP officials said. The proposed merger is under consideration by the Surface Transportation Board.

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May
10

CP: Shareholders should reject TRC mini-tender offer

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May
10

CP: Shareholders should reject TRC mini-tender offer

Rail News Home Canadian Pacific 5/10/2022 Rail News: Canadian Pacific
Canadian Pacific today announced it has received notice of an unsolicited mini-tender offer from TRC Capital Investment Corp. to purchase up to 1.5 million common shares of CP, representing approximately 0.16% of the outstanding shares of common stock at a price of CA$88.50 per share.CP does not endorse this unsolicited offer, and advised CP shareholders that the offer has been made at a price of 4.37% and 4.49%, respectively, below market price as of CP's closing price on the Toronto Stock Exchange and the New York Stock Exchange on May 2, the date of the offer, CP officials said in a press release.CP has no association with TRC Capital or its offer, and recommends that shareholders do not tender their CP shares to the offeror, they said.

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May
06

CP posts 2021 sustainability data supplement

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May
06

CP posts 2021 sustainability data supplement

Rail News Home Canadian Pacific 5/6/2022 Rail News: Canadian Pacific
Canadian Pacific today published its 2021 corporate sustainability data supplement.The 2021 data builds on the company’s 2020 corporate sustainability report by outlining sustainability metrics and performance in the areas of safety, operational excellence and social impact, CP officials said in a press release."Measuring and reporting on our sustainability performance is a critical part of our culture of continuous improvement, enabling CP and our stakeholders to evaluate performance and assess opportunities to further our sustainability objectives," said CP President and CEO Keith Creel.CP's sustainability disclosures are prepared in alignment with the GRI Standards and the SASB-Rail Transportation Framework. CP has also expanded its sustainability disclosure to include reporting aligned with the recommendations from the Task Force on Climate-related Financial Disclosure and the company's contributions toward the United Nations' Sustainable Development Goals.The supplement can be read here.

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May
05

ATCO to build hydrogen production, fueling stations for CP locomotives

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May
05

ATCO to build hydrogen production, fueling stations for CP locomotives

Rail News Home Canadian Pacific 5/5/2022 Rail News: Canadian Pacific
CP announced in December 2020 it would design and build North America's first line-haul hydrogen-powered locomotive using fuel cells and batteries to power the locomotive's electric traction motors. Photo – cpr.ca

ATCO Group announced yesterday it has agreed to provide Canadian Pacific with engineering, procurement and construction services for two hydrogen production and refueling facilities in Alberta, Canada.

The hydrogen infrastructure at the CP fueling stations in Calgary and Edmonton will include a 1-megawatt electrolyzer, compression, storage and dispensing capabilities for locomotive refueling. In Calgary, the electrolyzer will be powered in part by renewable electricity from CP's existing 5MW solar power facility co-located at CP's headquarters.

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Apr
28

CP cites bad weather, lower grain volume and labor dispute for Q1 revenue decrease

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Apr
28

CP cites bad weather, lower grain volume and labor dispute for Q1 revenue decrease

Rail News Home Canadian Pacific 4/28/2022 Rail News: Canadian Pacific
CP's operating ratio (OR) for the quarter rose to 70.9% from 60.2%. The adjusted OR was 69.8%. Photo – cpr.ca

Canadian Pacific yesterday reported first-quarter 2022 revenue decreased 6% to CA $1.84 billion, while net income fell nearly 2% to CA$590 million compared with the same period in 2021.

The Class I posted diluted earnings per share (EPS) of 63 cents for the quarter, down from 90 cents a year ago. The core adjusted diluted EPS, excluding significant items and Kansas City Southern acquisition accounting, was 67 cents.

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Apr
25

CP, Hapag-Lloyd add seasonal call into Port Saint John

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Apr
25

CP, Hapag-Lloyd add seasonal call into Port Saint John

Rail News Home Canadian Pacific 4/25/2022 Rail News: Canadian Pacific
CP regained access to Port Saint John in June 2020 with its acquisition of the Central Maine & Quebec Railway. Photo – CP/Facebook

Canadian Pacific and Hapag-Lloyd AG today announced an additional call into Port Saint John, New Brunswick, via a seasonal extra loader in another step for the growing Atlantic Canada port.

The additional call follows the companies' inaugural service call into Port Saint John in May 2021, connecting via CP rail service to inland markets in Canada and the United States.

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Apr
01

CP 'disappointed' with TSB report on 2019 fatal derailment

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Apr
01

CP 'disappointed' with TSB report on 2019 fatal derailment

Rail News Home Canadian Pacific 4/1/2022 Rail News: Canadian Pacific
Canadian Pacific took issue yesterday with the Transportation Safety Board of Canada’s (TSB) report on its investigation into a February 2019 train derailment in which three CP crew members were fatally injured near Field, British Columbia.The derailment involved two locomotives and 99 cars of a 112-car grain train. As a result of the investigation, the TSB issued three recommendations to make cold-weather train operations safer through mountainous territory, the board announced yesterday.It was "extremely disappointing that the TSB misrepresented the facts" at a press conference yesterday and "misunderstood key facts" about the incident in its report, CP officials stated in a press release.The railroad will address its concerns in greater detail with the board, they said. CP’s specific concerns about the TSB report and media presentation can be read here.The TSB report on its investigation can be read here.

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Mar
09

CP debuts interline service from Mexico to Chicago

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Mar
09

CP debuts interline service from Mexico to Chicago

Rail News Home Canadian Pacific 3/9/2022 Rail News: Canadian Pacific
The Mexico-to-Midwest train is a sign of things to come if the Surface Transportation Board approves the merger between CP and KCS, said CP President and CEO Keith Creel. Photo – cpr.ca

Canadian Pacific announced today it has launched the first dedicated intermodal train between Lazaro Cardenas in Michoacan, Mexico, and the U.S. Midwest.

CP worked with Kansas City Southern on an interline basis to launch the first Lazaro Cardenas-to-Chicago train, which was born out of the need to avoid excessive delays due to the unprecedented and ongoing supply chain challenges affecting North America's West Coast, CP officials said in a press release.

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Mar
08

Report: Ackman's Pershing Square fund acquires new stake in CP

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Mar
08

Report: Ackman's Pershing Square fund acquires new stake in CP

Rail News Home Canadian Pacific 3/8/2022 Rail News: Canadian Pacific
Billionaire investor William Ackman and his hedge fund Pershing Square Capital Management has a new stake in Canadian Pacific worth CA$280 million, according to news media reports.The investment makes Pershing Square one of CP's top 20 shareholders, reuters.com reported yesterday.Pershing Square reported owning 2.8 million CP shares as of Dec. 31, 2021, according to a March 7 regulatory filing cited in the report.The hedge fund began buying into the railroad in September 2011, but was forced to sell five years later to pay back investors as the fund faced losses. Ackman called those sales one of the firm's "greatest investment regrets," reuters.com reported.

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Feb
23

CP reveals slate of board nominees

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