HONOLULU, Aug. 23,
2022 /PRNewswire/ -- The Board of Directors of
Matson, Inc. (NYSE: MATX), a leading U.S. carrier in the Pacific,
approved adding three million shares, or approximately eight
percent of outstanding common shares, to the existing six million
share repurchase program. As of August 22,
2022, the existing share repurchase program had
approximately 0.5 million shares remaining.
"We are pleased to announce an additional three million shares
to our existing share repurchase program," said Matt Cox, Matson's Chairman and Chief Executive
Officer. "Since we commenced our share repurchase program last
August, we have repurchased approximately 5.5 million shares for a
total cost of nearly $465 million.
Going forward, we will be both disciplined and opportunistic in our
capital allocation, and we remain committed to returning excess
cash to shareholders to create additional shareholder value over
the long-term."
Shares will be repurchased in the open market from time to time
at the Company's discretion, based on ongoing assessments of the
capital needs of the business, the market price of its common
shares and general market conditions. The Company may enter into
Rule 10b5-1 plans to facilitate purchases under the program. The
repurchase program may be suspended or discontinued at any
time.
About the Company
Founded in 1882, Matson (NYSE: MATX) is a leading provider of
ocean transportation and logistics services. Matson provides a
vital lifeline to the domestic non-contiguous economies of
Hawaii, Alaska, and Guam, and to other island economies in
Micronesia. Matson also operates
premium, expedited services from China to Long Beach,
California, provides service to Okinawa, Japan and various islands in the
South Pacific, and operates an international export service from
Dutch Harbor to Asia. The Company's fleet of owned and
chartered vessels includes containerships, combination container
and roll-on/roll-off ships and custom-designed barges. Matson
Logistics, established in 1987, extends the geographic reach of
Matson's transportation network throughout North America. Its integrated, asset-light
logistics services include rail intermodal, highway brokerage,
warehousing, freight consolidation, Asia supply chain services, and forwarding to
Alaska. Additional information
about the Company is available at www.matson.com.
Forward Looking Statements
Statements in this news release that are not historical facts
are "forward-looking statements," within the meaning of the Private
Securities Litigation Reform Act of 1995, that involve a number of
risks and uncertainties that could cause actual results to differ
materially from those contemplated by the relevant forward-looking
statement, including but not limited to, statements about capital
allocation plans and the timing, manner and volume of repurchases
of common shares pursuant to the repurchase program. These
forward-looking statements are not guarantees of future
performance. This release should be read in conjunction with
our Annual Report on Form 10-K and our other filings with the SEC
through the date of this release, which identify important factors
that could affect the forward-looking statements in this
release. We do not undertake any obligation to update our
forward-looking statements.
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SOURCE Matson, Inc.