A.P. Moller – Maersk is selling its reefer manufacturer, Maersk Container Industry (MCI), to China International Marine Containers Ltd. (CIMC) for US$987.3 million.
MCI is headquartered and has R&D and test engineering facilities in Denmark and produces reefer containers and Star Cool refrigeration units in Qingdao, China. It also has a global network of over 400 service providers. Its 2,300 people will become employees of CIMC upon closing, which is expected to take place in or before 2022.
CIMC will take over MCI’s entire organization and assets, including the reefer factory in Qingdao, as well as its R&D and test engineering facilities in Tinglev, Denmark. The two companies have worked together for more than 30 years.
CIMC is headquartered in Shenzhen, China, and listed on the Shenzhen Stock Exchange and Hong Kong Stock Exchange.
“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 and strategic brands in A.P. Moller – Maersk.
Founded by Maersk in 1991, MCI has transformed into a business focusing entirely on manufacturing refrigerated containers and in 2020, the company delivered its most profitable year ever.
Star Cool will remain a key part of the way Maersk supports its customers’ cold chain needs as Maersk will continue its cooperation with MCI in the future.
Until closing, CIMC and MCI remain two separate companies and continue to run their businesses as usual.
CIMC Containers is the largest business segment of CIMC and manufactures dry, refrigerated and special containers. In recent years CIMCis investing in its operation into cold chain and MCI will be part of a new product line within marine reefer units to complement the existing product portfolio, including reefer boxes.
CIMCwas founded in 1980 in Shenzhen, China as a joint venture established by China Merchants Group and East Asiatic Company.The company was listed on the Shenzhen Stock Exchange in 1994 and on the Hong Kong Stock Exchange in 2012.Today, CIMC’s more than +64,000 people operate its R&D centres, production facilities and business entities in nearly 20 countries and regions.