Rumours about the sale of the container manufacturing unit had already been circulating for six months.
Today, shipping leader Maersk, has put its foot down and decided to sell MIC to CIMC, the world's largest container manufacturer, which would eventually acquire the business in its entirety. The transaction is valued at US$987.3 million in cash.
MCI was founded in 1991, with reefer containers and refrigeration machines for the intermodal transport industry. Headquartered in Denmark with production facilities in China, it has 2,200 employees and a network of more than 400 service providers.
The agreement was signed on 27 September 2021 and is pending regulatory approvals. The transaction is expected to close on or before 2022. Until the closing is formalised, CIMC and MCI remain two separate companies and continue to operate their businesses as usual.
CIMC will take over MCI's entire organisation and assets, which include a refrigerated container factory in Qingdao, China, as well as its R&D and test engineering facilities in Tinglev, Denmark.
When CIMC acquires MCI, it will take over all its assets and manage the organisation, including the refrigerated container factory in Qingdao, China, and its R&D and test engineering facilities in Tinglev, Denmark.
Henriette Hallberg Thygesen, AP's managing director of fleet and strategic brands. Moller - Maersk noted that "We believe that in CIMC we have found a good long-term owner for MCI. The divestment of MCI is part of AP Moller - Maersk's business transformation, where the focus is on being an integrated container transport and logistics company that creates customer value throughout the supply chain."
Chinese factories now account for more than 96% of the world's dry containers and 100% of the world's reefer containers. As a result, China has obtained a virtual monopoly of the market.