Matson will become a separate publically traded company under a plan approved Thursday by its parent company, Alexander & Baldwin.
A&B plans to divide itself into two publically traded companies. One, named Matson, will include Matson Navigation and Matson Logistics, and the other, named A&B, will include the company’s real estate and agricultural interests.
“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 A&B Chairman Walter A. Dods.
Dods will become Matson’s chairman. Matthew J. Cox, currently president of Matson, will serve as its president and CEO, and Joel M. Wine, A&B’s present CFO, will serve as Matson’s CFO upon completion of the transaction.
Upon completion of the transaction, both companies are expected to be listed on the New York Stock Exchange.