Matson Inc. Begins Trading on NYSE as MATX
One of Hawaii’s more storied companies, Alexander & Baldwin Holdings, Inc. has officially completed the separation of its land and transportation divisions into Matson, Inc., and Alexander & Baldwin, Inc.
Alexander & Baldwin Holdings, Inc., which was founded in Hawaii in 1870, has changed its name to Matson, Inc. It will begin trading on the New York Stock Exchange (NYSE) today under the ticker symbol “MATX.”
The distribution was completed on Friday. Under the terms of the distribution, Alexander & Baldwin Holdings, Inc. shareholders as of 5 p.m., Eastern Daylight Time, as of the record date of June 18, received one share of common stock of Alexander & Baldwin, Inc. for every share of Alexander & Baldwin Holdings, Inc.
Matson is now the state’s 14th publicly traded company.
Matson also announced that its Board of Directors declared a third quarter 2012 dividend of $0.15 per common share. The dividend is payable on Sept. 6 to Matson shareholders of record as of the close of business on Aug. 2.
“We are pleased to have achieved continuity with our Board of Directors both in terms of their historical perspective and the wealth of knowledge they have about the Company,” said Matson President and Chief Executive Officer Matthew Cox.
Matson was founded in 1882 and was previously one of Alexander and Balwin’s diversified corporations. Matson is one of the main US carriers in the Pacific, with 17 vessels including containerships, custom barges, and roll-on/roll-off vessels.
It offers shipping services to Hawaii, Guam, Micronesia and the mainland US, as well as expedited service from China to Southern California.