Alexander & Baldwin (AXB) Expands Ongoing Cost Reduction Efforts, Matson Announces Workforce Reduction Plan

January 21, 2009 8:25 AM EST

Alexander & Baldwin, Inc. (NYSE: AXB) announced today an expansion of ongoing cost reduction initiatives in response to an expected continued slowdown in economic activity.

"Ongoing initiatives to decrease our costs include workforce reductions, commencing with steps taken today to pare staffing by 10% at Matson Navigation Company," said W. Allen Doane, chairman and chief executive officer of A&B. "Other measures to be implemented over the coming months at various A&B business units include: elimination of salary increases; continued reductions in general and administrative expenses; and reductions in incentive award targets, profit sharing targets and workforce levels." Doane continued, "And while fourth quarter and full-year 2008 earnings are expected to be good, these and other proactive measures are necessary in view of the current economic climate."

Matson plans to reduce its non-union headcount by approximately 60 positions, augmenting position eliminations that resulted from hiring freezes adopted in 2007 and 2008.

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Alexander & Baldwin: A&B is headquartered in Honolulu, Hawaii and is engaged in ocean transportation and logistics services through its subsidiaries, Matson Navigation Company, Inc.,

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