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Caterpillar To Sell Majority Stake In 3rd-Party Logistics Operations For $750 Million

DOW JONES NEWSWIRES Caterpillar Inc. (CAT) plans to sell a majority stake in its third-party logistics division to private equity firm Platinum Equity for roughly $750 million. Under the agreement, Caterpillar will retain a 35% stake in the business. Further financial details weren't disclosed. Caterpillar Group President Stu Levenick said the planned sale reflects the company's aims to focus on its core businesses. The deal is expected to close in the third quarter. The world's biggest maker of bulldozers, excavators and other earth-moving machinery last month reported its first-quarter earnings rose 29% as improved sales of construction machinery in the U.S. and global demand for mining equipment offset weaker sales in China, Brazil and Europe. The company also raised its forecast for the year, although some investors expected a bigger increase and fretted that a wobbly global economy will leave Caterpillar with too much inventory and production capacity. Shares were recently up 1.2% to $97.15 in premarket trade. The stock is up 6% since the start of the year. -By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

Stock News for Caterpillar (CAT)
DateTimeHeadline
05/27/201610:02:31Specialized Disclosure Report (sd)
05/19/201610:10:00MARKET SNAPSHOT: U.S. Stocks Fall At The Open As Rate-hike Fears...
05/19/201609:01:40Current Report Filing (8-k)
05/11/201612:00:00Caterpillar CEO Leads Company Delegation to Cuba
05/09/201618:16:24Statement of Changes in Beneficial Ownership (4)
05/09/201609:00:00Caterpillar to Participate in the Wells Fargo Securities Industrial...
05/05/201614:16:00MARKET SNAPSHOT: U.S. Stocks Turn Negative As Oil Futures Pare...
05/04/201619:00:00Greenlight's Einhorn: Caterpillar Stock Hasn't Reached Bottom
05/04/201618:54:00Greenlight Capital's David Einhorn: Caterpillar Stock Hasn't...
05/03/201619:50:56Statement of Changes in Beneficial Ownership (4)
05/03/201619:45:47Statement of Changes in Beneficial Ownership (4)
05/03/201619:41:09Statement of Changes in Beneficial Ownership (4)
05/03/201619:35:51Statement of Changes in Beneficial Ownership (4)
05/03/201619:30:22Statement of Changes in Beneficial Ownership (4)
05/03/201619:26:01Statement of Changes in Beneficial Ownership (4)
04/28/201622:41:00Correction to Caterpillar to Close Plants Story
04/28/201621:30:00Caterpillar to Close Five Plants, Shed 820 Jobs
04/28/201621:00:00Caterpillar to Close Five Plants, Shed 820 Jobs
04/28/201616:02:48Statement of Changes in Beneficial Ownership (4)
04/28/201615:53:05Statement of Changes in Beneficial Ownership (4)

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