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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
06/28/201615:39:12Annual Report of Employee Stock Plans (11-k)
06/28/201615:25:49Annual Report of Employee Stock Plans (11-k)
06/28/201615:21:31Annual Report of Employee Stock Plans (11-k)
06/28/201615:18:27Annual Report of Employee Stock Plans (11-k)
06/28/201615:14:44Annual Report of Employee Stock Plans (11-k)
06/28/201615:10:23Annual Report of Employee Stock Plans (11-k)
06/28/201615:05:36Annual Report of Employee Stock Plans (11-k)
06/28/201614:59:32Annual Report of Employee Stock Plans (11-k)
06/28/201607:50:00Farm & Construction Machinery Stocks Under Review -- Caterpillar...
06/21/201610:07:00MARKET SNAPSHOT: U.S. Stocks Step Higher As Markets Await Yellen...
06/21/201600:52:00CATERPILLAR INC. FILES FORM 8-K
06/20/201609:01:21Current Report Filing (8-k)
06/17/201617:28:00Caterpillar Inc. Files Forms 4
06/17/201616:14:39Statement of Changes in Beneficial Ownership (4)
06/17/201616:06:19Statement of Changes in Beneficial Ownership (4)
06/13/201612:35:00Correction to Autonomous-Vehicle Article on Sunday
06/12/201622:21:00Detroit Battles Startups for Autonomous-Vehicle Talent
06/10/201618:13:00CATERPILLAR INC. FILES FORM 8-K
06/10/201616:11:36Current Report Filing (8-k)
06/10/201609:00:00Caterpillar to Participate in the Citi 2016 Industrials Conference...

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