Maersk sells container business MCI into China for nearly $1bn
AP Moller-Maersk will bank close to $1bn after agreeing a
sale of its refrigerated container making business.
Maersk Container Industry (MCI) is being acquired by rival
China International Marine Containers (CIMC) for $987.3m.
Maersk said MCI will become part of a "market-leading
company in the container equipment industry".
The deal is for the whole organisation whose assets include
the reefer factory in Qingdao, as well as research, development and test
engineering facilities in Tinglev, Denmark.
The transaction is subject to regulatory approvals, but is
expected to close in or before 2022.
"We believe that ... in CIMC [we] have found a good
long-term owner of MCI," said Henriette Hallberg Thygesen, chief executive
of fleet and strategic brands at Maersk.
The divestment is part of the group's business
transformation, where focus is on being an integrated container transport and
logistics company, she added.
"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," Hallberg Thygesen said.
Maersk has worked closely with CIMC for more than 30 years.
MCI was founded in 1991. In March, sources told Bloomberg
that the Danish giant was examining a potential $1bn sale of the refrigerated
container business, which Maersk did not deny.
Demand for MCI's reefer boxes soared during the Covid-19
pandemic as trade flows and container movements were disrupted.
Record profit in 2020
In May, the group admitted it was carrying out a strategic
review of the business.
MCI posted record Ebitda of $77m in 2020, compared to $29m
the year before.
The company has 2,200 employees and a network of more than
400 service providers.
CIMC is listed in Shenzhen and in Hong Kong.
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."
CIMC employs more than 64,000 people in nearly 20 countries.
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