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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; [email protected]

Stock News for Caterpillar (CAT)
DateTimeHeadline
02/24/201709:00:00Caterpillar to Participate in Evercore ISI 2017 Industrials Conference...
02/23/201718:26:00Caterpillar Inc. Files Form 3 and Form 4
02/23/201717:25:29Statement of Changes in Beneficial Ownership (4)
02/23/201715:33:14Initial Statement of Beneficial Ownership (3)
02/21/201709:00:00Caterpillar to Participate in Barclays Industrial Select Conference...
02/21/201709:00:00Caterpillar to Participate in Barclays Industrial Select Conference...
02/17/201712:25:00Caterpillar Inc. Files Form 8-K
02/17/201709:05:01Current Report Filing (8-k)
02/16/201718:17:56Statement of Changes in Beneficial Ownership (4)
02/16/201701:12:00CATERPILLAR INC. FILES FORM 10-K
02/15/201718:41:37Statement of Changes in Beneficial Ownership (4)
02/15/201713:51:13Annual Report (10-k)
02/14/201710:29:19Statement of Ownership (sc 13g)
02/13/201709:00:00Caterpillar Announces Date of Annual Meeting of Stockholders
02/13/201709:00:00Caterpillar Announces Date of Annual Meeting of Stockholders
02/10/201707:59:04Amended Statement of Ownership (sc 13g/a)
02/09/201722:46:00Caterpillar Chairman Doesn't Expect a Trade War -- Update
02/09/201722:42:00Caterpillar Chairman Doesn't Expect a Trade War
02/09/201709:00:00Caterpillar Announces Executive Officer Retirement
02/02/201717:13:00Caterpillar Inc. Files Form 4

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