Danish shipping giant, AP Moller-Maersk, will bank close to $1bn after agreeing a sale of its refrigerated container making business.
According to TradeWinds, Maersk Container Industry is being acquired by rival China International Marine Containers for $987.3m.
A statement from Maersk said MCI will become part of a ‘market-leading company in the container equipment industry’.
The deal is for the whole organisation whose assets include the reefer factory in Qingdao, as well as research, development and test engineering facilities in Tinglev, Denmark.
The transaction is subject to regulatory approvals, but is expected to close in or before 2022.
Henriette Hallberg Thygesen, chief executive of fleet and strategic brands at Maersk said, “We believe that in CIMC we have found a good long-term owner of MCI. The divestment is part of the group’s business transformation, where focus is on being an integrated container transport and logistics company.
“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.”
– Punch