12/6/1983 - Maritime Systems (MAR) - CORPORATE ANNOUNCEMENT
Maritime Systems (MAR) has announced that it will diversify into a new line of business. The company will enter the macadamia nut business with a planting on Kauai of 20 acres in January. Furthermore, the company has established nurseries on Maui and Kauai to plant another 1,680 acres in the future. The move will cost the company $2 million to implement but management believes it will be a positive step for the future.
About Maritime Systems (MAR):
Maritime Systems is a shipping firm with agriculture and real estate interests. Subsidiary Matson Navigation carries ocean cargo between Hawaii, Guam, and West Coast ports such as Los Angeles, Oakland, Seattle, and Vancouver. Its 15-vessel fleet of container ships and barges carries cars, building materials, and perishable food. Founded in 1870, the company also develops and sells land. It has 91,000 acres, mostly used for agricultural purposes. Hawaiian Commercial & Sugar Company harvests raw sugar, and Kauai Coffee grows and markets green (unroasted) coffee beans.