Tag: maui land & pine

February 11, 2010 General Ag News and Notes Post a Comment

Summary of MAUI LAND & PINEAPPLE CO INC – Yahoo! Finance

Form 8-K for MAUI LAND & PINEAPPLE CO INC

11-Feb-2010

Change in Directors or Principal Officers, Financial Statements and

Item 5.02 Departure of Directors or Principal Officers; Election of
Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

(c) On February 8, 2010, the Board of Directors of Maui Land & Pineapple Company, Inc. (the "Company") appointed Ryan L. Churchill (age 38) as President and Chief Operating Officer for the term of office that expires in May 2011. Mr. Churchill served as Senior Vice President/Corporate Development of the Company since March 2007, and as Vice President/Community Development from November 2005 to March 2007. He was Vice President/Planning of Kapalua Land Company, Ltd., the operating subsidiary responsible for the Company’s Community Development and Resort segments, from June 2004 to November 2005 and Development Manager from October 2000 to June 2004.

Summary of MAUI LAND & PINEAPPLE CO INC – Yahoo! Finance

January 28, 2010 General Ag News and Notes, Maui Gold Pineapple Post a Comment

Hawaii Insider : Prickly issue of vanishing pineapple

Growing sugarcane and pineapple is hard work, as generations of plantation and farm workers in Hawai’i can attest, but making money at it these days may be even harder. While conditions have improved in modern times for the islands’ fieldworkers, the competition from Third World countries — with different standards of living and labor laws — has also increased.

One of the latest large landowners to cry uncle is Maui Land & Pineapple, which announced Nov. 3 that its pineapple subsidiary — renowned for its "Maui Gold" brand — would cease production at the end of the year. Citing losses of $115 million since 2002, along with $20 million in expenses for a new packing facility, the announcement continued: "The painful decision to close pineapple operations at MPC after 97 years was incredibly difficult to make, but absolutely necessary. We realize this ends a significant chapter in Maui’s history — an important part of many lives, over many generations."

The company’s last harvest took place two days before Christmas, but just before New Year’s, a group of investors came up with a plan to continue operations on about 1,000 acres — a third of the former farm — under the name Haliimaile Pineapple.

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January 11, 2010 General Ag News and Notes Post a Comment

A pineapple a day keeps the subdivisions away « 3-Minute Vacation

Posted on January 11, 2010 by Genevive

Five former Maui Land & Pine (MLP) employees, headed up by Ulupalakua Ranch’s Pardee Erdman, formed a new company called Haliimaile Pineapple Co, and bought the soon-to-be defunct fields owned by MLP located in central Upcountry Maui. Darren Strand is HPC’s new president and CEO.

Maui Gold pineapple, a low acid variety, to be grown and sold by Haliimaile Pineapple Co

The new company has begun to harvest fields of “Maui Gold” brand fruit, a low acid variety, around Haiku that were ripening, but going neglected. They are also replanting the fields located behind Haliimaile General Store that were targets for land sale and redevelopment into a new subdivision. According to the blog site Hawaii Agriculture the leadership of the new company “brings over 150 years of combined expertise in growing and packing premium pineapple on Maui.”

Hawaii Governor Linda Lingle issued a statement on the new company’s plans December 31, 2009. She says, “I can’t think of a better way to ring in the new year than with preservation of 65 agricultural jobs and the prospect of creating more jobs for our residents in the long-term.” Jobs are important, but so is the preservation of green space.

HPC has purchased and licensed key assets, and leased farm land, equipment and buildings from ML&P with plans to serve the Hawaii pineapple market. According to Haliimaile General Store manager Tim McGraw, if locals and visitors buy one Maui Gold pineapple a week, HPC has a real shot at becoming a viable, profitable company.

A pineapple a day keeps the subdivisions away « 3-Minute Vacation

January 7, 2010 General Ag News and Notes Post a Comment

Maui Pineapple Production Resurrected

January 07, 2010
HYPER LOCAL

Reports of pineapple’s demise on Maui were, if not greatly exaggerated, at least premature. From the ashes of Maui Land & Pineapple’s defunct agricultural arm rises Haliimaile Pineapple Company, a venture backed by several former ML&P executives. In a December 31 release, CEO Darren Strand said the company "brings new hope…by immediately saving 65 agricultural jobs with an expectation of adding more in the future." Of course, the issues that doomed ML&P—and plantation-style ag in general—still loom, but hey, it’s the New Year. If you can’t be optimistic now, when can you?…

Loyal Bushies in the Honolulu First Circuit and Maui Pineapple Production Resurrected

December 31, 2009 General Ag News and Notes Post a Comment

New company to take over pineapple operations – The Maui News

maui-news-ad

New company to take over pineapple operations

Pineapple is BACK!
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POSTED: December 31, 2009

The newly formed Haliimaile Pineapple Co. Ltd. announced today it would immediately take over 1,000 acres and related facilities from Maui Pineapple Co., under an agreement signed Thursday with Maui Land & Pineapple Co.

The new company’s first day of work will be Saturday, when employees will start picking Maui Gold fruit, said Doug Schenk, one of the six local partners in the venture.

Maui Pine’s last harvest was Dec. 23. The company had announced it was leaving the business earlier this year after recording continuous, large losses.

The owners and directors of the new venture are Pardee Erdman, owner of Ulupalakua Ranch; Schenk, Doug MacCluer and Ed Chenchin, all retired Maui Pine managers; and two men who were operating directors of Maui Pine until it closed, Strand and Rudy Balala.

Haliimaile Pine has licensed and purchased assets notably the Maui Gold patented variety and leased land, equipment and buildings from Maui Pine.

Haliimaile Pine will do its own marketing, targeting local retailers, hotels and restaurants.

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December 24, 2009 General Ag News and Notes Post a Comment

FINAL HARVEST: Sun sets on ML&P cultivation of pineapple – The Maui News

Deal in works for new, smaller company to farm golden fruit

By ILIMA LOOMIS, Staff Writer

POSTED: December 24, 2009

WAILUKU

Fieldworkers picked their last pineapples Wednesday as Maui Pineapple Co. ceased operations after 100 years of farming.

About 285 Maui Pine workers are being laid off in the shutdown, with their last official day of employment Dec. 31. Another 133 employees were expected to be offered positions at Maui Land & Pineapple partner companies.

Some remained hopeful a startup company would take over Maui Pine land, equipment and operations to continue pineapple farming on Maui and hire back some of the laid-off workers.

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November 4, 2009 General Ag News and Notes Post a Comment

Pineapple all pau on Valley isle – Starbulletin

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By Dave Segal

Hawaii’s once-rich agricultural industry, renowned throughout the 1900s for its pineapple and sugar crops, has suffered another devastating blow.

With the last remaining sugar company hanging on by a thread, Maui Land & Pineapple Co. said yesterday it would stop planting pineapple immediately, cease all pineapple operations by the end of the year, and lay off more than 45 percent of its work force amid a companywide restructuring that repositions subsidiary Kapalua Land Co.

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October 15, 2009 General Ag News and Notes Post a Comment

Summary of MAUI LAND & PINEAPPLE CO INC Credit Agreement with Wells Fargo — Yahoo Finance

Form 8-K for MAUI LAND & PINEAPPLE CO INC

15-Oct-2009

Entry into a Material Definitive Agreement, Creation of a Direct Fin

Item 1.01 Entry into a Material Definitive Agreement.

Amended and Restated Credit Agreement with Wells Fargo

On October 9, 2009, the Company, as Borrower, entered into an Amended and Restated Credit Agreement (the "Amended Wells Credit Agreement") with each of the financial institutions that are parties thereto (the "Lenders") and Wells Fargo Bank, National Association ("Wells Fargo"), in its capacity as a Lender and as the administrative agent for the Lenders. The Amended Wells Credit Agreement amends and restates the terms of that certain Loan Agreement, dated as of November 13, 2007, entered into by and between the Company, as Borrower, each of the financial institutions that are signatories thereto, and Wells Fargo as a lender and as the administrative agent for the lenders named therein, as such was amended from time to time thereafter (the "Original Wells Credit Agreement").

The Amended Wells Credit Agreement principally amends the Original Wells Credit Agreement by:

* increasing the secured revolving line of credit from $45.0 million to $50.0 million;

* providing for the accrual of interest on the principal balance outstanding under the credit facility at (i) the LIBOR Market Index Rate plus 4.25%, (ii) the Federal Funds Rate plus 5.75%, or (iii) the applicable LIBOR Rate plus 4.25%, at the option of the Company, provided that the interest rate applicable to any portion of the principal amount outstanding under the credit facility cannot be less than 5.50%;

* extending the maturity date from March 13, 2010 to March 1, 2011; and

* establishing new financial covenants relating to, among other things, minimum liquidity requirements and total liability thresholds.

Summary of MAUI LAND & PINEAPPLE CO INC – Yahoo! Finance