CALGARY, Alta. – Track maintenance employees at Canadian Pacific Railway have ratified a three-year collective agreement reached with the Teamsters Canada Rail Conference-Maintenance of Way Employees Division.

The agreement, which covers approximately 2,500 employees, extends to the end of 2006, and provides for improvements in wages, pensions and benefits, and includes work rule changes that will result in increased productivity. Wage increases are 3 per cent in each of the three years of the agreement.

“We are pleased with the progress being made in our contract negotiations. This settlement with our track maintenance employees follows the pattern we have established in our contract settlements. It provides for mutual benefits that deliver value to employees and shareholders and provides for a productive work environment,” said Rob Ritchie, President and Chief Executive Officer of CPR.