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December 15, 2011 8:00 AM, EST

Alexander & Baldwin Inc., an ocean carrier and logistics and real estate firm based in Honolulu, plans to split into two separate, publicly traded companies.

The ocean transportation and logistics company will be known as Matson, but the real estate arm keeps the Alexander & Baldwin name.

Matson, which became a unit of A&B in 1969, serves container shippers on the U.S. West Coast and in Hawaii, Guam, Micronesia and China.