Globally renowned container logistics company, A.P. Moller - Maersk (Maersk) signed an agreement, on Monday, September 27, 2021, to sell its reefer manufacturer, Maersk Container Industry (MCI), to China International Marine Containers Ltd. (CIMC), which is headquartered in Shenzhen, China and listed on the Shenzhen Stock Exchange, and Hong Kong Stock Exchange.
Maersk Container Industry (MCI) will become part of a market renowned 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, located in Tinglev, Denmark.
Divestment of Maersk Container Industry
We believe that we in CIMC have found a good long-term owner of MCI"
“We believe that we in CIMC have found a good long-term owner of MCI. The divestment of MCI is part of A.P. 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 Henriette Hallberg Thygesen, the Chief Executive Officer (CEO) of Fleet & Strategic Brands, in A.P. Moller - Maersk.
Henriette Hallberg Thygesen adds, “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.”
Major refrigerated containers manufacturer
Founded by A.P. Moller - Maersk in 1991, Maersk Container Industry (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.
China International Marine Containers Ltd. (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.
Maersk - CIMC partnership
I look forward to welcoming MCI, as I am very impressed by the company’s results and innovation"
Mai Boliang, the Chairman and Chief Executive Officer (CEO) of China International Marine Containers Ltd. (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.”
Mai Boliang adds, “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.”
Transaction details
Star Cool will remain a key part of the way A.P. Moller - 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.
