Maersk to divest its container manufacturer to CIMC
Container logistics company Maersk has this week signed an
agreement to sell its reefer 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 R&D and
test engineering facilities in Tinglev, Denmark.
“We believe that we in CIMC have found a good long-term
owner of MCI,” said Henriette Hallberg Thygesen, CEO of Fleet & Strategic
Brands in A.P. Moller – Maersk. “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.”
Founded by Maersk in 1991, MCI has been a part of the
company for more than 30 years. In that time, 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.
CIMC want 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.
Star Cool will remain a key part of the way Maersk supports
its customers’ cold chain needs as Maersk will continue its cooperation with
MCI in the future.
The value of the transaction is US$987.3 million on a cash
and debt-free basis (enterprise value). The agreement for CIMC to acquire MCI
was signed on 27 September 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.
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