Alexander & Baldwin

Alexander & Baldwin, Inc.

Type	Public
Traded as	NYSE: ALEX
Industry	Real Estate, Agriculture
Headquarters	Honolulu, HI, USA
Key people	Stanley M. Kuriyama, Christopher J. Benjamin
Revenue	US$1.722 Billion (FY 2011)
Operating income	US$132.3 Million (FY 2011)
Net income	US$34.2 Million (FY 2011)
Total assets	US$2.544 Billion (FY 2011)
Total equity	US$1.123 Billion (FY 2011)
Employees	2,100 (Dec 2011)
Website	www.alexanderbaldwin.com

Alexander & Baldwin, Inc. is a Honolulu-based company that was once part of the Big Five companies in territorial Hawaii. The company today operates businesses in real estate, sugar cane, and diversified agriculture. It is also the only "Big Five" company that still cultivates sugar cane. It remains one of the State of Hawaii's largest private landowners, owning over 88,000 acres (36,000 ha) throughout the state. In addition, the company owns 45 income properties in the Hawaii and the continental United States.

Alexander & Baldwin has its headquarters in downtown Honolulu at the Alexander & Baldwin Building, which was built in 1929.

History

Before Annexation

In 1831, Dwight Baldwin (1798–1886) and Charlotte Fowler Baldwin were sent by the American Board of Commissioners for Foreign Missions (ABCFM) as medical missionaries to the Sandwich Islands, as the Hawaiian Islands were called at the time. Reverend William Alexander and Mary McKinney Alexander arrived the following year in 1832.

Alexander & Baldwin was founded by their sons Samuel Thomas Alexander and Henry Perrine Baldwin (1842–1911) as Samuel T Alexander & Co., in 1870. The two purchased 561 acres (227 ha) of land on the island of Maui between Pāʻia and Makawao, on which they began to cultivate sugarcane.

The land the partners cultivated was semi-arid former dry forest, not ideal for growing sugarcane, a crop that required much water. Samuel Alexander realized that rain was plentiful miles away in the rainforests on the windward slopes of Haleakalā mountain. Thus, he designed a 17-mile (27 km) long irrigation aqueduct that diverted water from that part of Haleakalā to their plantation. Work started on the aqueduct in 1876 and was completed two years later in 1878.

After completion of the aqueduct, the company grew and was eventually renamed Alexander & Baldwin Plantation. Between 1872 and 1900, the company gradually took over more land and sugar mill operations. In 1898, Alexander and Baldwin purchased a controlling interest in one of its rival companies, Hawaiian Commercial & Sugar Company (HC&S) from Claus Spreckles. By 1899, the company had bought out Maui’s two main railroad lines (Kahului Railroad Company and Maui Railroad & Steamship Company). In 1900, the company incorporated and was renamed Alexander & Baldwin, Ltd.

Hawaii's Big Five

C. Brewer & Co.

Theo H. Davies & Co.

Amfac

Castle & Cooke

Alexander & Baldwin

The Big Five Era

Following incorporation, the company continued to prosper. It came to be one of Hawaii’s Big Five companies which held a virtual oligarchy over Hawaii’s economy during the region’s territorial years. In this period, the company entered many new businesses and controlled more than 100,000 acres (40,000 ha) of land in the Territory.

In 1905, Alexander & Baldwin and other Big Five companies took control of the California and Hawaiian Sugar Company (C&H), giving Alexander & Baldwin a factory where they could refine its sugar.

Over the following decades, the company opened or bought out sugar operations at Puʻunene, Kahuku, and Kauaʻi island as well as pineapple operations on Maui and Kauaʻi. In 1908, the company bought a portion of the Matson Navigation Company, a major shipping line operating in the territory. The company sold its sugar interests on Kauaʻi and consolidated all of its Maui operations into an enlarged Hawaii Commercial & Sugar Company in the 1930s while continuing its pineapple operations as well as its sugar plantation in Kahuku until the 1960s.

Alexander and Baldwin Building
U.S. National Register of Historic Places
Headquarters built in 1929
Location:	822 Bishop Street, Honolulu, Hawaii
Coordinates:	21°18′46″N 157°51′54″W
Built:	1929
Architect:	Charles William Dickey, Hart Wood
Governing body:	Private
NRHP Reference#:	79000755
Added to NRHP:	September 7, 1979

Following World War II, the company entered a new business: land development and real estate. The company formed a new subsidiary, the Kahului Development Co., to develop housing in the Kahului area. In the following years, the company became more involved in the development of its land and the Kahului Development Co. became A&B Properties, Inc.

In 1962, the company purchased all outstanding interests in the Hawaii Commercial & Sugar Company and the sugar operation became wholly owned by Alexander & Baldwin. In 1964, the company also bought out the interests in Matson Navigation Company held by three of its fellow "Big Five" competitors: American Factors, C. Brewer & Co., and Castle & Cooke. In 1969, the company purchased all remaining, outstanding shares in Matson and the shipping company became a wholly owned subsidiary of Alexander & Baldwin.

Diversification

In recent decades, the company’s development and real estate division has grown as A&B Properties developed new residential and commercial projects on other land the company owned. The company’s Matson division also expanded. In addition, Alexander & Baldwin entered diversified agriculture, beginning to cultivate coffee and macadamia nuts in the 1980s.

Matson Spinoff

As of June 2012 Matson Shipping in which the company had held an investment for 140 years was spun off as a separate company.

List of businesses owned by Alexander & Baldwin, Inc.

• East Maui Irrigation Co., Ltd. (maintains irrigation ditches originally built in the 1870s as noted above)
• Hawaiian Commercial & Sugar Company (sugar growing division)
• Maui Brand Sugars (unrefined sugar brand)
• A & B Properties, Inc. (real estate and development company)
• Kauai Commercial Company, Inc. (freight trucking)

See also

• Economy of Hawaii

Alexander & Baldwin family tree

William P. Alexander (1805–1884)

Mary Ann McKinney (1810–1888)

Amos Starr Cooke (1810–1871)

Juliette Montague (1812–1896)

Dwight Baldwin (1798–1886)

Charlotte Fowler (1805–1873)

J. W. Smith (1810–1887

David Dwight Baldwin (1831–1912)

W. O. Smith (1848–1929)

William D. Alexander (1833–1913)

Abigail Baldwin (1847–1912)

Samuel T. Alexander (1836–1904)

Martha Eliza Cooke

Ann Elizabeth Alexander (1843–1940)

Henry P. Baldwin (1842–1911)

Emily Whitney Alexander (1846–1943)

Agnes Alexander (1875–1971)

Annie Montague Alexander (1867–1950)

C.W. Dickey (1871–1942)

Belle Dickey (1880–1972)

James Dole (1877–1958)

Henry Alexander Baldwin (1871–1946)

Ethel Frances Smith (1879–1967)

J. Walter Cameron (1895–1976)

Francis Baldwin (1904–1996)

Colin C. Cameron (1927–1992) (Kapalua)

Further reading

• Arthur Lyman Dean (1950). Alexander & Baldwin, Ltd. and the predecessor partnerships. Alexander & Baldwin. 

External links

• Alexander & Baldwin official website
• "company history". on Alexander & Baldwin corporate web site. Retrieved 2009-07-26. 
• A&B Properties, Inc. official website
• Alexander & Baldwin SEC Filings
• Alexander & Baldwin - Matson SEC Filings