Maersk Officially Exits Container Manufacturing Business After Selling MCI To CIMC For $1 Billion

Leading container manufacturer China International Marine Containers (CIMC) is set to take over reefer factory Maersk Container Industry, an AP Moller-Maersk subsidiary that has been the subject to a sell-off for many months. The deal came after MCI had its best year on record in 2020. The transaction is worth $987.3 million, further bolstering what will be Maersk’s greatest ever annual financial results.

Maersk Officially Exits Container Manufacturing Business After Selling MCI To CIMC For $1 Billion
Maersk Containers | Image Via: Maersk

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As per the agreement, CIMC will acquire the entire business and assets of MCI, taking its reefer factory in Qingdao, China, as well as its R&D and test engineering facilities in Tinglev, Denmark.

Henriette Hallberg Thygesen, CEO of Fleet & Strategic Brands in A.P. Moller – Maersk, said, “We believe that we in CIMC have found a good long-term owner of MCI. 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.”

The divestment will mark Maersk’s exit from container manufacturing.

Mai Boliang, chairman and CEO of CIMC, remarked, “By leveraging technology and innovation we want to create a new growth platform within cold chain.”

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CIMC will secure its position as the world’s topmost container producer with this acquisition. In the first half of 2021, CIMC witnessed record container production and sales, selling 1,145,500 ordinary dry cargo TEUs and 94,500 reefer TEUs for year-over-year increment of 219% and 76%, respectively.

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