Amfac, Inc., formerly known as American Factors and originally H. Hackfeld and Company, was a land development company in Hawaii. Founded in 1849 as a retail and sugar business, it was considered one of the so-called Big Five companies in the Territory of Hawaii. At its peak it owned 60,000 acres (24,000 ha) of land, and was a dominant sugar company in Hawaii as well the founder of one of its best known department stores, Liberty House. It now owns 5,000 acres (2,000 ha) of land in Kaanapali on the island of Maui. Since 2005 it is known as Kaanapali Land, LLC (OTC Pink: KANP).
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History
German immigrant Heinrich Hackfeld and his brother-in-law J. C. Pflueger founded a dry goods store called H. Hackfeld and Company in 1849 in Honolulu. Hackfeld later became the business agent for K?loa Plantation on the island of Kaua?i. Paul Isenberg (1837-1903) became a partner in 1881.
During World War I, Pioneer Mill, DCCA #207, was seized by the U.S. government Alien Property Custodian. It was later sold to a consortium of Hawaii businessmen in 1918, who changed the name to "American Factors". In 1966, the name was further shortened to "Amfac". Henry Alexander Walker became president in the 1930s. The family estate known as the H. Alexander Walker Residence, was developed into a showcase garden.
From 1968 to 1972 under president Henry Alexander Walker Jr. Amfac acquired 42 different companies.
Ronald L. Sloan was removed as president November 20, 1987 and replaced by Richard L. Griffith (Walker was still chairman of the board). The company announced it was selling its non-Hawaii business units. Amfac was bought by Chicago-based JMB Realty in 1988 for USD $920 million. As the sugar industry in Hawaii declined after statehood, so did the fortunes of Amfac. Amfac's assets were gradually sold off. Liberty House went into bankruptcy in 1998 (it was later acquired by Federated Department Stores and now carries the Macy's brand name), and Amfac Hawaii went into Chapter 11 bankruptcy in 2002. Amfac Hotels & Resorts was retained by JMB and was renamed Xanterra Parks and Resorts. Amfac Hawaii was reorganized as Kaanapali Land, LLC and the bankruptcy closed in 2005. Some of the former plantation land uphill from the resort has been subdivided into a development called K??anapali Coffee Farms.
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See also
- History of sugar
References
Further reading
- William A. Simonds (October 1, 1949). Kamaaina - A century in Hawaii. Keichi Kimura, illustrator. American Factors, Limited.
External links
- Kaanapali Land Management Corp., principal subsidiary of Kaanapali Land
Source of article : Wikipedia
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