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Rail News: Financials

CN reaches tentative contract with IBEW, closes on sale/lease-back of Montreal station


Canadian National Railway Co. recently reached a tentative five-year agreement with the International Brotherhood of Electrical Workers' (IBEW) System Council 11.

Covering 700 employees who maintain CN's signals and communications systems in Canada, the contract will be presented to union members this week to begin the ratification process. Agreement details weren't released pending ratification. The IBEW's current four-year contract with CN expires Dec. 31.

Meanwhile, CN also announced it closed on the sale of the Central Station Complex (CSC) in Montreal to Homburg Invest Inc. for $355 million. The transaction, first announced in September, includes the Central Station passenger-rail facilities and CN's corporate headquarters building.

Homburg Invest will lease-back the 17-story office headquarters and Central Station rail facilities to CN on a long-term basis. Central Station includes the Grand Hall, train platforms and portions of the sub-track level.

Contact Progressive Railroading editorial staff.

More News from 12/3/2007