AP Moller-Maersk has signed an agreement tosellits refrigerated container manufacturer, Maersk Container Industry (MCI), toChina International Marine Containers (CIMC).
CIMCwill take overMCI’s entire organisationandassets which include thereeferfactory in Qingdao, China, as well asitsresearch and development and test engineering facilitiesin Tinglev, Denmark.
Henriette Hallberg Thygesen, Maersk’schief executive of fleet and strategic brands said CIMCwas the perfect fit for MCI.
“Webelieve that we inCIMChavefound a good long-term owner of MCI.The divestment of MCI is part ofAP Moller-Maersk’s businesstransformation,where focus is on being an integratedcontainer transport and logistics company creatingcustomervalueacross the entire supply chain,” said Thygesen.
“While strengtheningthesynergies between the core businesses ofourglobal integrator offering,we havereviewed the strategic fit of MCI and decided to find a new home for MCI that can ensurethat the companycontinues to growits reefer business throughcontinued development and committed investments from a new owner.
“We havehada close relationshipwithCIMCfor more than30yearsand we look forward to continuing that partnership.”
MaiBoliang,chairman and chief executive of CIMCsaid the company wanted to continue MCI’s trajectory of increasing sales and investing in new product development.
“Byleveraging technology and innovationwe want to create a new growth platform within cold chain.Ilook forward to welcomingMCIas I am very impressed by the company’sresultsand innovation,” said Mai.
“Iam convinced thatbycombining MCI’stalented people andtechnologieswithour globalrefrigerationbusinesswewill create an exciting futuretogether as a keypartner 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.