CIMC acquired Maersk refrigerator and other businesses to improve the global cold chain industry layout

Mai Boliang, Group Chairman and CEO of CIMC, showed the signed documents

On September 28, CIMC announced that it had signed an acquisition agreement with Maersk Group, intending to acquire 100% equity of Maersk Container Industry ("MCI"), a marine refrigerator and refrigerated container manufacturing business under Maersk Group, with a transaction consideration of about USD 1,083.8 million, about RMB 7 billion. For the transaction, necessary delivery procedures need to be performed.

Through this acquisition, CIMC will master the core technology of marine refrigerators, thereby enhancing its core competitiveness in the field of cold chain equipment and generating strong synergy with its cold chain business.

Mai Boliang, Group Chairman and CEO of CIMC, said: "Through technology and innovation, we hope to create a brand-new growth platform in the cold chain business. I quite recognize the performance and innovation of MCI, and welcome them to join CIMC. I am confident that by integrating MCI's outstanding talents and technology with CIMC's global cold chain business, we will become the core partners of our customers and create a brilliant future. "

In this acquisition, CIMC won the manufacturing business including core technologies and products of refrigerators from many international bidders, including its Danish HQ (R&D and Testing Center) and its factory in Qingdao, China.

MCI is a manufacturing segment of Maersk Group, which mainly provides marine refrigerated transportation equipment for customers in multimodal transport industry. MCI' Star Cool refrigerator is widely recognized as the most energy-saving refrigerator in the industry. Innovative technologies such as controllable air conditioning system (CA) and the Sekstant™ intelligent control system successfully developed in 2019 are adopted in the refrigerator.

According to the latest forecast of Drewry and McKinsey, the global seaborne trade of cold goods will increase to 156 million tons in 2024, with a compound growth rate of 3.71% in five years (2020-2024), and the growth momentum will remain unabated. It is estimated that the refrigeration rate of perishable goods by sea will increase to 92% in 2024. Therefore, marine refrigeration equipment has great growth potential.

The core of this Transaction is the acquisition of Maersk marine refrigerator business, aiming at creating a growing business based on the growing cold chain logistics industry.

Through this acquisition, CIMC will greatly enhance the core competitiveness of cold chain equipment manufacturing. In addition, many businesses of CIMC involve cold chain industry, such as refrigerated trucks, mobile cold storage, cross-border cold chain logistics and transportation services, etc. The acquisition of marine refrigeration technology will help CIMC strengthen the synergy of various cold chain businesses.

CIMC will continuously improve the performance and efficiency of its cold chain product mix, help customers achieve their sustainable development goals, reduce the total cost of cold chain transportation, and bring more and greater value to customers.