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Maersk sells its container manufacturer to CIMC for $987.3 million
Maersk sells its world-leading reefer container company to China's China International Marine Containers (CIMC) in a deal worth $987.3 million.
CIMC's refrigerated container factory in Taicang, China (Photo: Maersk)
The sale of Maersk Container Industry (MCI) to China International Marine Containers Ltd. (CIMC) of China is part of Maersk's continued moves to focus on becoming an integrated logistics and container shipping company. CIMC will take over the entire MCI company, including the refrigerated container plant in Qingdao, China, and the testing and R&D 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 was valued at $987.3 million on a cash, debt-free basis. MCI's 2,300 employees will become CIMC employees upon the completion of the proposed deal in 2022 or earlier.
“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."
China International Marine Containers Ltd. (CIMC) is a global leader in container manufacturing, logistics equipment and energy, headquartered in Shenzhen, China and listed on the Shenzhen Stock Exchange and the Hong Kong Stock Exchange.
Maersk Container Industry (MCI), founded by Maersk in 1991, is the world's leading manufacturer of refrigerated containers. MCI has been part of the Maersk Group for over 30 years. Over the years, MCI has transformed into a business focused entirely on reefer container production and in 2020 the company has delivered its most profitable results since its inception.
Read more:
- Maersk reports record business results for Q2 and expects Q3 to be even better
- Maersk and JinkoSolar signed a strategic cooperation agreement
Source: Phaata.com (According to Maersk Container Industry)
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