Matson parent, Alexander & Baldwin, splitting into two companies

Alexander & Baldwin announced that its Board of Directors have approved a plan to pursue the separation of the company to create two independent, publicly traded companies.

 The separation will take place as follows: Alexander & Baldwin, Inc (A&B) with interests in real estate development, commercial real estate and agriculture and Matson, a domestic logistics company and an ocean transportation company serving the US West Coast, Hawaii, Guam, Micronesia and China.
 
Under the plan, Alexander & Baldwin shareholders will own, upon the completion of a tax-free separation, one share of both A&B and Matson stock for each share of company stock owned. The separation is expected to be completed in the second half of 2012.
 
"Over the past decade, Alexander & Baldwin’s Board of Directors and management have periodically conducted strategic reviews, including an evaluation of the merits of separating into two companies. After thorough evaluation, we have concluded that the increased size, capabilities and financial strength of both our land and transportation businesses now enable these operations to independently execute their strategies to maximize shareholder value," said Walter A. Dods, Alexander & Baldwin Chairman.
 
"This separation will create two financially strong public companies, each with more than $1bn in assets, 1,000 employees, strong balance sheets and cash flow to fund future growth," continued Dods. "The strength of our combined businesses has historically served us well. However, we have reached the point in the growth and development of each of our businesses where they can better achieve their full potential by operating as separate companies."

Quelle: eyefortransport
Portal: www.logistik-express.com