Alexander & Baldwin Sells Grace Pacific; No Financial Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
Alexander & Baldwin, Inc. (NYSE:ALEX) has sold Grace Pacific LLC to Nan, Inc., a large local construction company in Hawai'i. A&B, which focuses on commercial real estate in Hawai'i, acquired Grace Pacific in 2013. The sale is part of A&B's strategy to simplify and focus on its core real estate business. Grace Pacific has been a key player in Hawai'i's infrastructure for over 90 years. Nan, Inc. plans to maintain the Grace Pacific brand and staff, aiming to enhance services and support local infrastructure and jobs.
November 15, 2023 | 6:13 pm
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Alexander & Baldwin's sale of Grace Pacific to Nan, Inc. aligns with its strategy to focus on commercial real estate in Hawai'i. The divestiture could streamline operations and financials, potentially leading to a more focused and efficient company.
The sale of Grace Pacific is likely to have a positive impact on ALEX's stock in the short term as it demonstrates the company's commitment to its simplification strategy and core business focus. Investors may view this positively as it could lead to improved financials and operational efficiency.
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