One of the most well known names in the domestic container shipping business is saying goodbye after nearly six decades.
North Carolina-based Horizon Lines has agreed to sell its business in separate transactions that will result in sale of the company to competitors, according to HandyShippingGuide.com.
One involves the sale of its Hawaii-business to global logistics and transportation provider The Pasha Group, while the other involves the company being purchased by the Pacific ocean shipping company Matson.
Together the deals are estimated to cost around $600 million and expected to close next year, following regulatory approval.
Horizon Lines is one of the largest U.S. maritime shipping and logistics companies, accounting for approximately 37% of all U.S. container shipments linking the continental U.S. to Alaska, Hawaii and Puerto Rico.
Horizon was founded by Malcolm McLean in the mid-1950s, who many consider the “father” of the container industry.
Read more about the sales from HandyShippingGuide.com.