Alexander & Baldwin Holdings, Inc. said today its board of directors unanimously approved the separation of the company’s Matson shipping operations and land businesses into two publicly traded companies.

“The separation will enhance the creation of long-term shareholder value for each of these businesses by enabling both companies to focus on their respective strategies,” said Walter Dods, chairman of Alexander & Baldwin Holdings and retired CEO of First Hawaiian Bank. “The board’s actions reflect our confidence that this separation will create two strong, publicly traded companies for the state of Hawaii.”

Following the separation, the transportation business will be operated under the name “Matson, Inc.” and will trade on the New York Stock Exchange under the ticker symbol “MATX.”

The real estate and agriculture business will continue to operate under the name “Alexander & Baldwin, Inc.” and trade under the ticker symbol “ALEX.”