Castle & Cooke

Last updated
Castle & Cooke, Inc.
Industry Real estate
Founded1851
Headquarters
Website Company website

Castle & Cooke, Inc., is a Los Angeles-based company that was once part of the Big Five companies in territorial Hawaii. The company at one time did most of its business in agriculture, including becoming, through mergers with the modern Dole Food Company, the world's largest producer of fruits and vegetables. [1] In 1995, it was spun off from Dole and today most of the company's business is in real estate and residential, commercial and retail development.

Contents

History

Castle & Cooke was founded in 1851 as a partnership between Samuel Northrup Castle and Amos Starr Cooke as a department store that sold farm tools, sewing equipment, and medicine. Joseph Ballard Atherton joined as a clerk in 1858 and rose to become a partner by 1865. [2] Over the next few decades, the company invested heavily in Hawaii's sugar industry, running plantations in Kohala and Haiku. Atherton became president after the deaths of Cooke in 1871 and Castle in 1894 when the company incorporated. After the death of Atherton, George Parmele Castle (1851–1932) became president. G. P. Castle retired in 1916 and Edward Davies Tenney became chairman. [3]

In the 1910s, the company, along with three other Big Five companies, invested in Matson Navigation Company. Tenney became president of Matson after William Matson's death. In 1931, the company also bought a 21 percent share of the Hawaiian Pineapple Company, which was later renamed the Dole Food Company. After the death of Tenney, Alexander G. Budge became president in 1935. [4] Castle & Cooke bought the remaining shares of Dole in 1961.

Between 1964 and 1968, Castle & Cooke acquired the Standard Fruit Company, adding bananas and other tropical fruits to its existing pineapple operations. In 1978, it acquired Bud Antle Inc., a California-based lettuce and celery farmer; it was renamed Dole Fresh Vegetables in 1989.

The company maintained Dole's large pineapple plantations throughout the state, including a particularly large one on the island of Lanai, where Castle & Cooke owned about 95 percent of the island.

In the decades that followed, Castle & Cooke began to face severe financial trouble as Hawaii's agriculture industry weakened. In 1985, the company merged with the Flexi-Van Corporation, a transportation leasing company. In 1991, the company was renamed Dole Food Company. [5]

In 1995, the real estate operations of The Dole Food Company were spun off as the newly reformed company Castle & Cooke. The new Castle & Cooke was bought by Dole's CEO, David H. Murdock, who remains the CEO of Castle & Cooke today. [6]

On May 2, 2012 (made public in June), Oracle Corp. CEO Larry Ellison signed an agreement to buy most of the 6th largest Hawaiian island of Lanai from Castle & Cooke for $300 million. [7]

In April 2016, a project in central Oahu that had faced extensive delays was approved by the Hawaii State Supreme Court. The Koa Ridge project aims to build 3,500 homes, which were initially valued at $300,000 each. [8] The project broke ground in November 2017. [9]

People

Related Research Articles

Lanai City, Hawaii Census-designated place in Hawaii, United States

Lanai City is a census-designated place (CDP) on the island of Lanai, in Maui County, Hawaii, United States. The population was 3,332 at the 2020 census. Lanai City is the island's commercial center. Many of the island's restaurants and shops are in the town square that surrounds Dole Park, and the only hospital on the island, Lanai Community Hospital, is located near the park.

Lanai Sixth-largest Hawaiian island

Lanai is the sixth-largest of the Hawaiian Islands and the smallest publicly accessible inhabited island in the chain. It is colloquially known as the Pineapple Island because of its past as an island-wide pineapple plantation. The island's only settlement of note is the small town of Lanai City. As of 2012, the island was 98% owned by Larry Ellison, founder and chairman of Oracle Corporation, with the remaining 2% owned by the state of Hawaii and privately owned homes.

James Dole American industrialist

James Drummond Dole, also known as the "Pineapple King", was an American industrialist who developed the pineapple industry in Hawaii. He established the Hawaiian Pineapple Company (HAPCO) which was later reorganized to become the Dole Food Company and now operates in over 90 countries. Dole was a cousin of Sanford B. Dole, President of the Republic of Hawaii.

Territory of Hawaii Organized incorporated territory of the United States, 1900–1959

The Territory of Hawaii or Hawaii Territory was an organized incorporated territory of the United States that existed from April 30, 1900 until August 21, 1959, when most of its territory, excluding Palmyra Island, was admitted to the United States as the 50th U.S. state, the State of Hawaii. The Hawaii Admission Act specified that the State of Hawaii would not include Palmyra Island, the Midway Islands, Kingman Reef, and Johnston Atoll, which includes Johnston Island and Sand Island.

Dole Food Company Irish agricultural multinational corporation

Dole plc is an American - Irish agricultural multinational corporation headquartered in Ireland. The company is the largest producer of fruit and vegetables in the world, operating with 74,300 full-time and seasonal employees who are responsible for over 300 products in 90 countries. Dole markets such food items as bananas, pineapples, grapes, strawberries, salads, and other fresh and frozen fruits and juices. Dole owns a shipping line, "Dole Ocean Cargo Express".

The Big Five was the name given to a group of what started as sugarcane processing corporations that wielded considerable political power in the Territory of Hawaii during the early 20th century and leaned heavily towards the Hawaii Republican Party. The Big Five were Castle & Cooke, Alexander & Baldwin, C. Brewer & Co., American Factors, and Theo H. Davies & Co. The extent of the power that the Big Five had was considered by some as equivalent to an oligarchy. Attorney General of Hawaii Edmund Pearson Dole, referring to the Big Five, said in 1903, "There is a government in this Territory which is centralized to an extent unknown in the United States, and probably almost as centralized as it was in France under Louis XIV."

Standard Fruit Company American fruit company

Standard Fruit Company was established in the United States in 1924 by the Vaccaro brothers. Its forerunner was started in 1899, when Sicilian Arberesh immigrants Joseph, Luca and Felix Vaccaro, together with Salvador D'Antoni, began importing bananas to New Orleans from La Ceiba, Honduras. By 1915 the business had grown so large that it bought most of the ice factories in New Orleans in order to refrigerate its banana ships, leading to its president Joseph Vaccaro becoming known as the "Ice King".

David H. Murdock American businessman

David Howard Murdock is an American billionaire businessman and philanthropist.

Alexander & Baldwin, Inc. is an American company that was once part of the Big Five companies in territorial Hawaii. The company currently operates businesses in real estate, land operations, and materials and construction. It was also the last "Big Five" company to cultivate sugarcane. As of 2020, it remains one of the State of Hawaii's largest private landowners, owning over 28,000 acres (11,000 ha) and operating 36 income properties in the state.

Hawaiian Telcom, Inc., is the incumbent local exchange carrier (ILEC) or dominant local telephone company, serving the state of Hawaii. In 2005, Hawaiian Telcom Holdco, Inc., was formed by The Carlyle Group, following its purchase of the Hawaiian Telecom Inc. assets of Verizon Communications. On July 2, 2018, Cincinnati Bell purchased Hawaiian Telcom Holdco, Inc. for $650 Million,

Four Seasons Resort Lanai is a Four Seasons resort hotel located in Lanai City on the island of Lānaʻi, the smallest and least inhabited of Hawaii's six major islands that once was recognized for its pineapple plantation. The island of Lānaʻi hosts two other hotels, Sensei Lanai, A Four Seasons Resort, and Hotel Lanai, a 3-star boutique hotel.

Clarence H. Cooke House United States historic place

The Clarence H. Cooke House, later known as the Marks Estate, at 3860 Old Pali Road, Honolulu, Hawaiʻi, was built for Clarence Hyde Cooke, the second son of Charles Montague Cooke and Anna Rice Cooke, heirs of the Castle & Cooke fortune. It was designed by the architect Hardie Phillip, built in 1929–32, and listed on the National Register of Historic Places in 1986 as a fine example of the upper-class, Hawaiian-style, great mansion of the late 1920s and early 1930s.

Samuel Northrup Castle

Samuel Northrup Castle was a businessman and politician in the Kingdom of Hawaii.

Amos Starr Cooke American educator and businessman

Amos Starr Cooke was an American educator and businessman in the Kingdom of Hawaii. He was patriarch of a family that influenced Hawaii during the 20th century.

William Harrison Rice

William Harrison Rice was a missionary teacher from the United States who settled in the Hawaiian Islands and managed an early sugarcane plantation.

Andrew Conrad American geneticist

Andrew J. Conrad is an American geneticist who heads Verily, a life sciences division of Alphabet Inc. As its chief executive officer, Conrad has recruited a multidisciplinary team of chemists, doctors, engineers, behavioral scientists and data scientists to research health and disease.

Ko Olina Station and Ko Olina Center make up a lifestyle center in the resort town of Ko Olina, a neighborhood in Kapolei, Hawaii. The shopping mall opened in 2009 and consists of two centers located across a street from each other. Ko Olina Station debuted in 2009, while the more recent Ko Olina Center finished construction in 2010. The centers contain a total of approximately 31 retail tenants, with the majority of them being native Hawaiian businesses, such as ABC Stores and Peter Merriman's MonkeyPod Kitchen.

Joseph Ballard Atherton American businessman

Joseph Ballard Atherton (1837–1903) was a Honolulu businessman and a former president of Castle & Cooke. He was a member of the Annexation group, which overthrew the Kingdom of Hawaii. He was the founder of Honolulu YMCA. Atherton was a member of both Kalākaua's Privy Council of State and Liliʻuokalani's Privy Council of State.

Koa Ridge is a town being developed by Castle & Cooke located near the center of the island of Oʻahu in City and County of Honolulu, Hawaiʻi, United States.

References

  1. "Dole Food Company, Inc. Company Profile". Yahoo! Finance. Archived from the original on 16 January 2013. Retrieved 21 June 2012.
  2. Castle & Cooke (1951). The first 100 years: a report on the operations of Castle & Cooke for the years 1851-1951. Castle and Cooke, Limited.
  3. John William Siddall, ed. (1921). Men of Hawaii: being a biographical reference library, complete and authentic, of the men of note and substantial achievement in the Hawaiian Islands. Honolulu Star-Bulletin. p.  85.
  4. "Castle & Cooke, Inc". Funding Universe company history. Retrieved May 3, 2010.
  5. Andrew Pollack (13 March 1985). "HAWAIIAN MERGER FOR FLEXI-VAN". The New York Times.
  6. "Castle & Cooke CEO Offers to Buy Rest of Firm". Los Angeles Times. 2000-03-31. Retrieved 2020-08-27.
  7. Shimogawa, Duane (January 7, 2016). "PBN confirms amount billionaire Larry Ellison paid for Hawaiian Island of Lanai". www.bizjournals.com. Archived from the original on 2016-08-08. Retrieved 2021-12-07.
  8. Shimogawa, Duane (April 6, 2016). "Castle & Cooke's 3,500-home Koa Ridge project to move ahead". Pacific Business News . Retrieved January 21, 2019.
  9. Daysog, Rick (November 2, 2017). "Some 3,500 homes to go up as part of $2B Koa Ridge project". Hawaii News Now . Retrieved January 21, 2019.