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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
08/29/201617:55:00Ritchie Bros. and Caterpillar Inc. Announce Strategic Alliance
08/29/201617:55:00Ritchie Bros. and Caterpillar Inc. Announce Strategic Alliance
08/18/201621:40:00Caterpillar Plans to Sell Underground-Mining Equipment Lines
08/18/201619:36:00Caterpillar Plans to Sell Underground-Mining Equipment Lines
08/18/201617:15:00Caterpillar to Explore Strategic Alternatives for Certain Mining...
08/18/201614:00:00Caterpillar Officer Retires; Company Creates Division Focused...
08/18/201610:30:00Caterpillar Inc. Files Form 8-K
08/18/201609:02:56Current Report Filing (8-k)
08/09/201615:28:00MARKET SNAPSHOT: Stocks Turn Negative, Led By Energy Losses As...
08/09/201609:00:00Caterpillar to Participate in the Jefferies 2016 Industrials...
08/09/201609:00:00Caterpillar to Participate in the Jefferies 2016 Industrials...
08/03/201614:37:00Caterpillar Inc. Files Quarterly Report on Form 10-Q
08/03/201603:03:00Economic Uncertainty Casts Shadow on Company Earnings -- WSJ
08/03/201600:10:00Caterpillar Inc. Files Forms 4
08/02/201619:21:00Anxiety Weighs on U.S. Corporate Earnings
08/02/201618:20:00Statement of Changes in Beneficial Ownership (4)
08/02/201618:13:10Statement of Changes in Beneficial Ownership (4)
08/02/201618:06:43Statement of Changes in Beneficial Ownership (4)
08/02/201618:03:06Statement of Changes in Beneficial Ownership (4)
08/02/201617:56:58Statement of Changes in Beneficial Ownership (4)

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