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Maersk Container Industry to be sold to CIMC for close to US$1bn

Maersk Container Industry to be sold to CIMC for close to US$1bn
Taicang CIMC Reefer Logistics Equipment Co (TCRC) is a global supplier of cold chain equipment

China International Marine Containers (CIMC) is to acquire Maersk’s specialist refrigerated container manufacturing brand Maersk Container Industry (MCI) in a US$987.3m cash and debt free transaction.

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.

Henriette Hallberg Thygesen, CEO of fleet and strategic brands in AP Moller – Maersk, stated: “We believe that we in CIMC have found a good long-term owner of MCI. The divestment of MCI is part of AP 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.

“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.”

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.

Mai Boliang, chairman and CEO of CIMC, said: “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.”

The Danish company noted that Star Cool will remain a key part of the way it supports its customers’ cold chain needs, while Maersk will continue its cooperation with MCI in the future.

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.