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Yesterday, Canadian Pacific Railway announced it reached a tentative four-year agreement with the Teamsters Canada Rail Conference (TCRC) covering about 4,500 train and engine-service workers.

The contract would be the first between the railroad and TCRC, which won bargaining rights at CPR last year. The agreement calls for wage increases, and improvements to pensions, benefits and work rules.

"This is a well-balanced agreement that will provide value for our employees and shareholders," said CPR President and Chief Executive Officer Rob Ritchie in a prepared statement.

The union plans to conduct a ratification vote, the results of which will be announced by year end.