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Slide #63. Matson, Inc. — Assets of Reef Shipping
Matson, Inc. (NYSE:MATX)
Assets of Reef Shipping
Matson, Inc., a leading U.S. carrier in the Pacific, announced today that it has signed a definitive agreement to acquire the primary assets formerly owned by Reef Shipping, a South Pacific shipping company based in Auckland, New Zealand that has been in business since 1968. The assets to be acquired include four vessels and approximately 1,500 pieces of container equipment. The financial terms of the agreement were not disclosed and the closing of the transaction is expected to occur on or about year-end.
Matson is a holding company engaged in the provision of ocean transportation and logistics services. Co.'s Ocean transportation segment business is conducted through Matson Navigation Company, Inc., which provides a lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska and Guam, and to other island economies in Micronesia and operates an expedited service from China to Long Beach, CA, and provides services to Okinawa, Japan and various islands in the South Pacific. Co.'s Logistics business is conducted through Matson Logistics, Inc., an asset-light business that provides a variety of logistics services to its customers.
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Strong Buy (4.00 out of 4)