Tuesday, July 3, 2012
Matson starts trading on NYSE
Ocean transport and logistics company Matson Inc. began trading on the NYSE Tuesday under ticker symbol MATX.
Alexander & Baldwin Holdings, announced in early June that its subsidiary, Matson Navigation, entered into a series of debt financing agreements as part of a plan to separate the company's transportation and land businesses into two publicly traded companies.
As of Tuesday, Alexander & Baldwin Holdings, Inc. was legally separated into Matson, Inc. and Alexander & Baldwin, Inc. Alexander and Baldwin Holdings changed its name to Matson, Inc. (MATX).
"As an independent company, Matson will be well capitalized, with a strong balance sheet and credit profile, thereby providing stability and the financial flexibility to pursue future growth opportunities," said Matt Cox, president of Matson Navigation, in early June.
"Matson has been serving Hawaii continuously since 1882, and has an integral role in supporting the state's economic activities," said Walter Dods, chairman of the board of directors. "We are proud that Matson will now be the state's 14th publicly traded company, and will remain committed to serving the needs of the Hawaii community."
"With our board and executive team focused entirely on transportation," Cox said yesterday, "we are confident that Matson is well positioned to further strengthen and grow its ocean transportation and logistics services."
Matson's executive management team will stay the same, with the exception of Matthew Cox becoming CEO and Joel Wine becoming senior vice president and chief financial officer.
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