Horizon Lines Inc., based in Charlotte, North Carolina, said it has agreed to sell the bulk of its business to Matson Inc.

In separate transactions, Horizon will sell its ocean freight business to and from Hawaii to The Pasha Group, in San Rafael, California, and also terminate service between the United States and Puerto Rico.

The moves will bring to an end a business that can trace its origins to the beginning of containerized shipping. In 1956, founder Malcolm McLean used a converted oil tanker to move freight from Port Newark, New Jersey, to the Port of Houston.

Read more here.