Maersk decides to divest its container manufacturer to CIMC
You can read this article in 3 minutes
Danish shipping giant Maersk has announced that it has signed an agreement to sell its reefer manufacturer, Maersk Container Industry (MCI), to China International Marine Containers Ltd. (CIMC).
In a statement, Maersk said that CIMC would take over MCI’s entire organisation and assets, including 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 & Strategic Brands in A.P. Moller – Maersk, said that the decision was based on the company’s business transformation:
“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. 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.”
MCI, which was founded by Maersk in 1991, has been a part of the company for more than 30 years. During this time it became a business focused entirely on manufacturing refrigerated containers.
Mr. Mai Boliang, Chairman and CEO of CIMC, says he has been impressed by MCI’s results and innovation, the latter of which is a key part of his company’s 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. 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.”
Maersk adds that “Star Cool will remain a key part of the way Maersk supports its customers’ cold chain needs”. Moreover, the company says it will continue its cooperation with MCI in the future.
The deal, which is subject to regulatory approvals, is worth USD 987.3 million on a cash and debt free basis (Enterprise Value). The transaction is expected to close in or before 2022. Until this time, CIMC and MCI shall remain two separate companies and continue to run their businesses as usual.
Photo: Alf van Beem, CC0, via Wikimedia Commons