The Danish container logistics company AP Moller - Maersk has signed an agreement on 27 September to sell its reefer manufacturer, Maersk Container Industry (MCI), to China International Marine Containers Ltd. (CIMC) for US$987.3 million.
Shenzhen-headquartered CIMC will take over MCI’s entire organisation and assets, including the reefer factory in Qingdao, China, as well as its research and development (R&D) and test engineering facilities in Tinglev, Denmark.
"This finalises Maersk’s strategic review of MCI announced at its Capital Markets Day in May 2021," noted the Danish carrier.
Founded by Maersk in 1991, MCI has been a part of the Copenhagen-based company for more than 30 years. Over the years it has transformed into a business focusing entirely on manufacturing refrigerated containers and in 2020, the company delivered its most profitable result since its foundation, according to a statement.
CIMC wants to continue MCI’s trajectory of increasing sales and investing in new product development and believes that bringing MCI into its group will allow it to do this.
"By leveraging technology and innovation we want to create a new growth platform within cold chain," commented Mai Boliang, Chairman and CEO of CIMC.
The transaction, which is still subject to regulatory approvals, is expected to close in or before 2022. Until closing, CIMC and MCI remain two separate companies and continue to run their businesses as usual.
Henriette Hallberg Thygesen, CEO of Fleet & Strategic Brands in A.P. Moller - Maersk, said, “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."