Shenzhen-based China International Marine Containers (CIMC) is acquiring container logistics company, Maersk Container Industry (MCI).
CIMC is taking MCI’s entire organisation and assets including a reefer factory in Qingdao, China, and 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. 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.
CIMC aims 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.
“By leveraging technology and innovation we want to create a new growth platform within cold chain,” said CIMC Chairman and CEO, Mai Boliang.
“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.”
The value of the transaction is $987.3 million USD 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.
In other news, CIMC Vehicles has been recognised as the world’s top trailer builder based on total production.