A.P. Moller - Maersk to divest its container manufacturer to CIMC
The container logistics company A.P. Moller - Maersk (Maersk) signed an agreement on Monday 27 September 2021 to sell its reefer manufacturer, Maersk Container Industry (MCI), to China International Marine Containers Ltd. (CIMC), headquartered in Shenzhen, China and listed on the Shenzhen Stock Exchange and Hong Kong Stock Exchange, according to the company's release.
MCI will become part of a market leading company in the container equipment industry. CIMC will take over MCI’s entire organisation and assets which include the reefer factory in Qingdao, China, as well as its R&D and test engineering facilities in Tinglev, Denmark.
Founded by Maersk in 1991, MCI has been a part of the 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.
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.
The value of the transaction is USD 987.3 million on a cash and debt free basis (Enterprise Value). The agreement for CIMC to acquire MCI was signed on September 27, 2021 and is subject to regulatory approvals. The transaction 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.
About MCI
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.
About CIMC
CIMC provides high-quality equipment and services for logistics and energy industries. CIMC Containers is the largest business segment and is specialised in the manufacture of dry containers, refrigerated containers and special containers. In recent years CIMC is 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.
CIMC was founded in 1980 in Shenzhen, China as a joint venture established by China Merchants Group and East Asiatic Company.
About A.P. Moller - Maersk
A.P. Moller - Maersk is an integrated container logistics company working to connect and simplify its customers’ supply chains. As the global leader in shipping services, the company operates in 130 countries and employs around 80,000 people.