China’s near monopoly in container manufacturing has been strengthened by its $987.3m purchase of the reefer factory and business of Maersk Container Industry, an AP Moller-Maersk subsidiary that has been up for sale for many months.

China International Marine Containers (CIMC), the world’s largest container manufacturer, will acquire the businees.

It means that Chinese factories now account for more than 96% of the world’s dry-cargo containers manufacture and 100% of the world’s refrigerated containers.

The deal sees CIMC taking over Maersk’s entire organisation and assets.

This includes the refrigerated container manufacturing factory in Qingdao, China, as well as its R&D and test engineering facilities in Tinglev, Denmark.

“The divestment of MCI is part of A.P. Moller – Maersk’s business transformation, where focus is on being an integrated container transport and logistics company creating customer value across the entire supply chain,” said Henriette Hallberg Thygesen, CEO of fleet and strategic brands at A.P. Moller–Maersk.

Mai Boliang, chairman and CEO of CIMC, said: “By leveraging technology and innovation we want to create a new growth platform within cold chain.”