Alexander & Baldwin Inc. has announced that they will purchase Grace Pacific Corp for $277 million. According to public documents, the sale would include $235 million in cash and stock as well as the assumption of $42 million in debt. Grace Pacific is one of the state’s largest construction companies and also is the largest asphalt paving contractor in Hawaii. Alexander & Baldwin shareholders and federal regulators would still have to approve the deal, but when that occurs, the sale is expected to close in the fourth quarter of 2013. The companies issued a joint press release that stated, “Hawaii’s outlook for infrastructure construction is positive resulting from both announced infrastructure replacement projects and anticipated commercial and residential development activities. The Honolulu City & County, for example, recently announced its intent to perform $120 million to $150 million in road repairs to the city’s streets in each of the next five years.”
Stanley M. Kuriyama, the CEO for Alexander & Baldwin, added, “The addition of Grace to the company will extend our capabilities to encompass infrastructure development and replacement work, for which we see a steady and growing need in Hawaii.” David Hulihee, the CEO for Grace Pacific, noted, “An important consideration for the Grace shareholders and our employees is that Grace is being acquired by a 142-year-old Hawaii-based and managed company that has the highest reputation for integrity and commitment to our community.”
Source: Honolulu Star Advertiser, 6-7-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
