Horizon Lines, Inc., has signed a Letter of Intent to purchase Honolulu-based Hawaii Stevedores, Inc. (HSI),
pending the completion of a due diligence process. The terms of the transaction were not disclosed.
Both companies cite strategic synergies, employee stability, operational efficiencies and cost savings as the driving factors in advancing Horizon Lines' acquisition of HSI. Hawaii Stevedores will operate as a Horizon
Lines subsidiary and it is intended that all HSI stevedoring contracts and any existing HSI labor contracts will be maintained.
"We have enjoyed a great relationship with HSI and believe this move will place both companies in the best position to grow with the Hawaiian markets" said Mar Labrador, Vice President and General Manager, Hawaii and Micronesia Division for Horizon Lines. "We look forward to retaining the existing staff so we can continue to offer the quality of performance our trade has come to expect."
HSI and its customers will benefit from being part of a world-class transportation company, with a wide-range of services. "HSI has a long history of outstanding service, and coupled with the resources and strengths
of Horizon Lines we can create the best choice for stevedoring in Hawaii," said HSI's President and CEO Randy Grune.