China International Marine Containers (CIMC) has acquired an 80 percent stake in northern Chinese box builder Qingdao Universal Container Engineering Co (QUIC) following the signing of share transfer agreements with the existing shareholders, HabatecTectrans, Qingdao Shipbuilding Factory and Sinotrans Shandong.
The move is not, however, aimed at further boosting CIMC's already huge container manufacturing capacity in China, but rather at taking out a competitor. CIMC already operates a dry freight box building facility in Qingdao- the former Hyundai Qingdao plant acquired in 1999 where capacity is reckoned to be more than sufficient to meet local demand. The only other local competition comes from the small Qingdao Huanghai plant....
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Approx 200 words from WorldCargo News, May 2002,
page 1.
