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.