West Coast jones act carrier Matson on Monday began trading on the NYSE as its own independent company and brand after changing it’s name officially from Alexander & Baldwin Holdings, Inc. to Matson, Inc. and listed under the ticker symbol “MATX.”
The separation from its parent company Alexander & Baldwin, Inc. was first announced on December 1, 2011 and was approve unanimously approved by its Board of Directors.
“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.”
Previously on June 26 the company named it’s new Board of Directors as well as Matthew Cox as its new CEO and Joel Wine as SVP and CFO.
Founded in 1882, Matson, Inc. operates a fleet of 17 vessels – made up mostly of containerships but also combination roll-on/roll-off and barges – and is the leading carrier of Jones cargoes in the Pacific, especially Hawaii. The company had operated as a wholly-owned subsidiary of Alexander & Baldwin, Inc., a Hawaii-based land company with interests in real estate development, commercial real estate and agriculture, since 1969.
“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 Cox. “With our Board and executive team focused entirely on transportation, we are confident that Matson is well positioned to further strengthen and grow its ocean transportation and logistics services.”