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Expands Footprint by
Nearly One Million Square Feet, Extends High-Value Service Slate
HONOLULU--(BUSINESS
WIRE)--Sept. 2, 2008--Alexander & Baldwin, Inc. (NASDAQ:ALEX)("A&B")
announced today that its Matson Global Distribution Services subsidiary
("Matson Global") has completed the acquisition of Pacific American
Services, LLC., ("PACAM"), a leading regional, asset-light warehousing,
packaging and distribution company specializing in value-added handling
of domestic, import and export goods.
"The acquisition of
PACAM extends our service reach deeper into our customers' value and
supply chains while also providing an excellent platform for expansion
in this fast-growing market segment. PACAM's nearly one million square
feet of warehousing and distribution space provides exceptional service
coverage for the entire Bay Area and Northern California, complementing
our recently acquired Savannah facilities to give Matson Global a truly
national footprint," said A&B Chairman and CEO Allen Doane. "We are
pleased to add a versatile, experienced management team and are equally
pleased to welcome a first-rate roster of clients to our own customer
base. As part of a continuing, focused strategy to grow our domestic
presence, we expect to rapidly scale these operations in the next few
years."
PACAM serves hundreds
of local, national and international customers and has extensive
industry expertise in handling high value goods in the food and
beverage, high tech and consumer packaged goods sectors. The company,
which is ISO 9001-2000, organic and FDA certified, was founded in 1987
and is headquartered in Oakland, California. "We found the right partner
at the right time to meet the distribution opportunities of our
diversified customer base. With Matson Global's emerging national
warehouse inventory, and the depth, quality and reliability of Matson's
ocean shipping and logistics services, we are poised to grow with an
expanded slate of new products in new markets," said Linda Hothem, PACAM
CEO and founder.
Matson Global was
established in 2007 as a subsidiary of Matson Integrated Logistics, the
10th largest logistics company in the United States and a subsidiary of
Matson Navigation Company, to provide third-party logistics services
that include warehousing, distribution, and freight forwarding
throughout the domestic United States and internationally, especially
Asia.
About Alexander &
Baldwin: Alexander & Baldwin, Inc., headquartered in Honolulu, Hawaii is
engaged in ocean transportation and logistics services through its
subsidiaries, Matson Navigation Company, Inc., Matson Integrated
Logistics, Inc. and Matson Global Distribution Services; in real estate
through A&B Properties, Inc.; and in food products through Hawaiian
Commercial & Sugar Company and Kauai Coffee Company, Inc. Additional
information about A&B may be found at its web site:
www.alexanderbaldwin.com. A&B Properties is Hawaii's fourth largest
private landowner; its diverse pipeline of projects is located on some
of the 89,000 acres it owns in Hawaii, or on lands more recently
acquired or being developed in joint ventures with third parties,
including projects on Oahu, Maui, Kauai, the Big Island and in
California.
Statements in this
press release that are not historical facts are "forward-looking
statements," within the meaning of the Private Securities Litigation
Reform Act of 1995, that involve a number of risks and uncertainties
that could cause actual results to differ materially from those
contemplated by the relevant forward-looking statement. These
forward-looking statements are not guarantees of future performance.
This release should be read in conjunction with our Annual Report on
Form 10-K and our other filings with the SEC through the date of this
release, which identify important factors that could affect the
forward-looking statements in this release.
CONTACT: Alexander &
Baldwin, Inc.
Meredith J. Ching, 808-525-6669
mching@abinc.com
SOURCE: Alexander &
Baldwin, Inc.
About Armstrong &
Associates: Armstrong & Associates, Inc. is a supply chain management
market research and consulting firm specializing in competitive
benchmarking, mergers and acquisitions, strategic planning, logistics
outsourcing, centralized transportation management programs, and supply
chain systems evaluation and selection. Armstrong & Associates publishes
Who’s Who in Logistics, Warehousing in North America – 2008 Market
Size, Major 3PLs, Benchmarking Prices and Practices, U.S. and Global -
3PL Financial and Acquisition Results for 2007 and Projections to 2010,
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