CHINA International Marine Containers is to buy Maersk Container Industry, a manufacturer of refrigerated containers, from A.P. Moller – Maersk.
The two companies signed an agreement finalising the US$987.3 million transaction on Monday.
Shenzhen-based CIMC will take over MCI’s entire organisation and assets, including a reefer factory in Qungdao, as well as research and development and test-engineering facilities in Tinglev, Denmark.
A.P. Moller – Maersk CEO of fleet and strategic brands Henriette Hallberg Thygesen said the divestment of MCI is part of the company’s business transformation, which is focusing the company on being an integrated container transport and logistics company.
“We believe that we in CIMC have found a good long-term owner of MCI,” she 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. We have had a close relationship with CIMC for more than 30 years and we look forward to continue that partnership.”
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.
CIMC wants to continue MCI’s trajectory of increasing sales and investing in new product development and believe that bringing MCI into its group will allow it to do this.
CIMC chairman and CEO Mai Boliang said CIMC wants to create a new growth platform within cold chain by leveraging technology and innovation.
“I look forward to welcoming MCI as I am very impressed by the company’s results and innovation,” he said.
“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.”
Star Cool will remain a key part of the way Maersk supports its customers’ cold chain needs as Maersk will continue its co-operation with MCI in the future.
The value of the transaction is US$987.3 million on a cash and debt free basis (enterprise value). The agreement for CIMC to acquire MCI was signed on September 27 and is subject to regulatory approvals. The transaction is expected to close in or before 2022.
