DENMARK: AP Moller-Maersk has agreed to sell its refrigerated container business, Maersk Container Industry (MCI), to China International Marine Containers Ltd (CIMC).
CIMC will take over MCI’s entire organisation and assets which include the refrigerated container factory in Qingdao, China, as well as its R&D and test engineering facilities in Tinglev, Denmark.
The US$987.3m deal will see MCI become part of a market leading company in the container equipment industry. Headquartered in Shenzhen, and listed on the Shenzhen Stock Exchange and Hong Kong Stock Exchange, CIMC provides equipment and services for logistics and energy industries. CIMC Containers is its largest business segment and is specialised in the manufacture of dry containers, refrigerated containers and special containers. MCI will be part of a new product line within marine reefer units to complement the existing product portfolio, including reefer boxes.
CIMC was founded in 1980 as a joint venture established by China Merchants Group and East Asiatic Company.
Established in 1991, Maersk Container Industry manufactures refrigerated containers and refrigeration machines to customers in the intermodal industry, which covers shipping lines, fruit multinationals and leasing companies.
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