Alexander & Baldwin to split into 2 publicly traded companies

[ellisonz]

Alexander & Baldwin to split into 2 publicly traded companies

By Star-Advertiser staff
POSTED: 12:11 p.m. HST, Dec 01, 2011

Alexander & Baldwin Inc. said today its board of directors has approved a plan to split the company into two separate companies, one focusing on real estate and agriculture and the other on shipping.

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Honolulu-based A&B has grown substantially over the past decade. Its commercial real estate portfolio has increased by almost 50 percent to its present size of 7.9 million square feet, comprising 44 properties in Hawaii and eight mainland states. The portfolio of commercial properties generates a significant and stable source of cash flow for the company, and is an important source of capital for A&B's real estate investment and development activity.

During the same time period, A&B has expanded and diversified its pipeline of development projects and broadened its development capabilities. Since 2000, the company has invested about $800 million in development projects — including three high-rise condominiums in urban Honolulu and resort destination communities in Hawaii, such as the Wailea Resort on Maui and Kukui'ula on Kauai — and an additional $850 million in the acquisition of Hawaii and mainland commercial properties, mainly through property exchanges.

Matson, which will relocate its headquarters to Sand Island from Oakland, Calif., will consist of Matson Navigation Co. and Matson Logistics Inc. Matson's assets include 17 vessels and about 47,000 company-owned containers, dedicated terminal facilities in Hawaii, and one of the largest terminal operators on the U.S. West Coast, according to A&B. Matson Navigation is a major shipper in the Pacific, serving Hawaii, Guam, Micronesia, the U.S. West Coast, and China. Matson became a subsidiary of A&B in 1969.

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http://en.wikipedia.org/wiki/Big_Five_%28Hawaii%29