WAILUKU, Hawaii (AP) - Alexander & Baldwin is considering cattle grazing and energy crops as sugar production phases out on Maui.
The Maui News reports (http://bit.ly/23xqPta) the company held its conference call with investors last week covering topics like a grazing trial on the island and weighing the possibility of leases for large-scale ranching.
President and Chief Executive Officer Chris Benjamin said the company hopes to help local ranchers meet the growing demand for grass-fed beef.
Hawaiian Commercial & Sugar Co. will stop sugar production before next year and reduce its workforce from 675 to 15.
Alexander & Baldwin estimates agribusiness operational losses this year between $5 million and $15 million.
Revenue fell from $150.7 million in the first quarter of last year to $108.8 million in the first quarter of 2016.
Information from: The Maui News, http://www.mauinews.com