AP Moller-Maersk has signed an agreement to sell its refrigerated container manufacturer, Maersk Container Industry (MCI), to China International Marine Containers (CIMC).
CIMC will take over MCI’s entire organisation and assets which include the reefer factory in Qingdao, China, as well as its research and development and test engineering facilities in Tinglev, Denmark.
Henriette Hallberg Thygesen, Maersk’s chief executive of fleet and strategic brands said CIMC was the perfect fit for MCI.
“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,” said Thygesen.
“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 continuing that partnership.”
Mai Boliang, chairman and chief executive of CIMC said the company wanted to continue MCI’s trajectory of increasing sales and investing in new product development.
“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,” said Mai.
“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 value of the transaction was US$987.3m on a cash and debt free basis (enterprise value) and the transaction is expected to close in or before 2022.