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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
09/26/201616:30:00Caterpillar Goes Beyond the Iron at MINExpo International
09/24/201619:20:00Caterpillar Gives the Gift of Power to St. Luke's Foundation...
09/23/201610:00:00Caterpillar Vice President Kim Hauer to Pursue Outside Opportunity
09/21/201615:49:00Caterpillar Financial Announces Results as of Early Participation...
09/21/201615:00:00Caterpillar Financial Announces Results as of Early Participation...
09/21/201613:55:00Caterpillar Inc. Files Form 8-K
09/21/201609:08:40Current Report Filing (8-k)
09/21/201608:30:00Caterpillar and Dealers Announce $1 Billion Investment in Business...
09/19/201603:03:00Machinery Glut Hits Equipment Makers -- WSJ
09/14/201616:35:00Caterpillar Inc. Files Form 8-K
09/14/201613:25:51Current Report Filing (8-k)
09/12/201620:50:00CEOs See U.S. Economy Stuck in Slow-Growth Mode
09/12/201611:00:00Caterpillar Again Named to Dow Jones Sustainability Indices
09/07/201616:48:00MARKET SNAPSHOT: S&P, Dow Fall, Nasdaq Posts Record Close After...
09/07/201615:40:00MARKET SNAPSHOT: Stocks Pare Losses After Fed Report, Apple Event
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09/07/201611:51:00MARKET SNAPSHOT: U.S. Stocks Turn Lower Ahead Of Fed Beige Book...
09/07/201610:09:00MARKET SNAPSHOT: U.S. Stocks Waver Ahead Of Fed Beige Book, Apple...
09/07/201610:04:00Caterpillar Financial Commences Exchange Offers for Outstanding...
09/07/201609:00:00Caterpillar Financial Commences Exchange Offers for Outstanding...

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