China International Marine Containers Group (CIMC), the world’s largest maker of shipping containers, announced that it has reached an agreement with shipping giant AP Moller-Maersk A/S to acquire the Danish company’s refrigerated container manufacturing unit for $1.09 billion, reports Caixin. The deal will give CIMC control of around half of the global container market.
CIMC will take over all of Maersk Container Industry (MCI)’s assets and employees, including its reefer factory in Qingdao as well as its R&D and test engineering facilities in Tinglev, Denmark, Maersk said in a press release posted on its website. The deal is subject to anti-trust regulatory approval.
CIMC won the bidding among several suitors, including Chinese home appliance giant Midea, US air conditioning giant Carrier Global, transport temperature-control systems manufacturer Thermo King, Japan’s Daikin Industries, and buyout firm Triton.