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Maersk selling container manufacturing business to CIMC in $987.3m deal

Photo: AP Moller - Maersk mci-1.jpg
AP Moller - Maersk is selling its reefer container manufacturing company to China International Marine Containers (CIMC) in a $987.3m deal.

The sale of Maersk Container Industry (MCI) to Chinese firm CIMC is part of Maersk’s continued moves to focus on being an integrated container transport and logistics company. CIMC will take over the entire MCI organisation inclduing it’s reefer factory in Qingdao, China, as well as its R&D and test engineering facilities in Tinglev, Denmark.

“We believe that we in CIMC have found a good long-term owner of MCI. The divestment of MCI is part of A.P. Moller - Maersk’s business transformation, where focus is on being an integrated container transport and logistics company creating customer value across the entire supply chain,” said Henriette Hallberg Thygesen, CEO of Fleet & Strategic Brands for AP Moller – Maersk.

“While strengthening the synergies between the core businesses of our global integrator offering, we have reviewed the strategic fit of MCI and decided to find a new home for MCI that can ensure that the company continues to grow its reefer business through continued development and committed investments from a new owner.”

The transaction is valued at $987.3m on a cash, debt free basis. The 2,300 employees of MCI will be become employees of CIMC upon the completion of the deal which is expected to be in 2022 ore earlier.

Mai Boliang, Chairman and CEO of CIMC said: ”By leveraging technology and innovation we want to create a new growth platform within cold chain. I look forward to welcoming MCI as I am very impressed by the company’s results and innovation. I am convinced that by combining MCI’s talented people and technologies with our global refrigeration business we will create an exciting future together as a key partner for our customers.”

 

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