China International Marine Containers Ltd. (CIMC), an operator in logistics and energy equipment, will acquire the A.P. Moller – Maersk (Maersk) owned Maersk Container Industry (MCI) reefer manufacturer.
The agreement, valued at $987.3 million, was signed on 27 September 2021.
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.
The agreement for CIMC to acquire MCI 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.
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.
Henriette Hallberg Thygesen, CEO of Fleet & Strategic Brands at Maersk, commented, “We believe that we in CIMC have found a good long-term owner of MCI. The divestment of MCI is part of 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.”