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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
07/28/201515:50:22Caterpillar to Build Its Own Dump Trucks -- 2nd Update
07/28/201512:10:37Caterpillar to Buy Back $1.5 Billion in Shares
07/28/201512:04:08Caterpillar to Buy Back $1.5 Billion in Shares From Citibank...
07/28/201510:56:22Caterpillar to Build Its Own Dump Trucks -- Update
07/28/201510:51:33Caterpillar to Buy Back $1.5 Billion in Shares From Citibank
07/28/201510:35:35Caterpillar Plans to Build Its Own Dump Trucks in Texas
07/28/201509:30:00Caterpillar Announces $1.5 Billion Accelerated Stock Repurchase
07/28/201509:00:00Caterpillar Announces New Strategy for Vocational Truck Product...
07/27/201521:40:17Caterpillar to End Navistar Dump-Truck Deal
07/23/201522:50:20China Shares Hold On to Gains; Asian Shares Lower
07/23/201521:58:45Asian Shares Lower on Commodities Rout, Lackluster Earnings
07/23/201513:59:13Caterpillar Resists Calls to Slash Spending
07/23/201509:00:07U.S. Stock Futures Waver
07/23/201508:35:05Caterpillar Sales Slide -- Update
07/23/201508:30:07Caterpillar Sales Slide
07/23/201508:18:00Current Report Filing (8-k)
07/23/201508:16:31Caterpillar Sales Slide
07/23/201507:31:00Cat Financial Announces Second-Quarter 2015 Results
07/23/201507:31:00Cat Financial Announces Second-Quarter 2015 Results
07/23/201507:30:00Caterpillar Reports Second-Quarter 2015 Results

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