9/28, 1:20 PM (Source: TeleTrader)
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CIMC to buy Maersk's cold container business for $1.08bn

China International Marine Containers Group (CIMC), the world's largest manufacturer of shipping containers, will expand its market share in the refrigerated container business through a $1.08 billion deal with the Danish conglomerate A.P. Moller-Maersk, as announced on Tuesday in a statement.

Maersk Container Industry (MCI), a maker of reefer containers with an important manufacturing plant in the northern Chinese port city of Qingdao, generated $595 million in revenue last year.

"By leveraging technology and innovation we want to create a new growth platform within cold chain," said Mai Boliang, chairman and chief executive of CIMC, praising the MCI's existing "results and innovation." The transaction is expected to close within the next year, subject to regulatory approvals.

Breaking the News / TT