A&B's Matson to Invest $220 Million in New Ships For Its Hawaii Service; Company Will Tap Existing $170 Million Capital Construction Fund
Doane said, "This capital investment, while dilutive to A&B earnings immediately post-delivery, should improve Matson's and A&B's overall financial performance in the long term. The new vessels will further enhance customer service - with improved speed, capacity and reliability - and, with that, Matson's attractiveness as Hawaii's premier U.S. Flag carrier."
As for its impact on Hawaii, Doane added, "These are high-quality vessels that are also high-value--we were able to secure a very good price for the ships, which ultimately benefits Hawaii's consumers. This investment underscores A&B's strong commitment to Hawaii and ensures that Matson has the resources to continue as Hawaii's leading ocean carrier, helping local business to prosper and providing our residents and visitors with the goods they need."
In a separate news release distributed today, Matson provided further details about the vessels, the shipyard where they are being constructed, and how the acquisition of the new ships will support the needs of Matson's Hawaii service customers.
More information about Matson's current fleet and its schedule serving Hawaii may be found at website www.matson.com.
A&B's major lines of business are ocean transportation (Matson); property development and management (A&B Properties, Inc.); and food products (Hawaiian Commercial & Sugar Company, Kauai Coffee Company). Additional information about A&B may be found at its web site: www.alexanderbaldwin.com.
Statements in this press release that are not historical facts are "forward-looking" statements that involve a number of risks and uncertainties such as those described on page 19 of the Company's Annual Report on Form 10-K, which is incorporated in the Company's 2001 annual report to shareholders. These factors could cause actual results to differ materially from those projected in the statements.
Alexander & Baldwin, Inc.
James S. Andrasick, 808/525-8404 (EVP and CFO)
Meredith J. Ching, 808/525-6669
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