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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
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04/20/201406:17:33MARKET SNAPSHOT: Long View On Stocks Is Best During Weak Earnings...
03/27/201419:00:26Caterpillar Likely to Get Republican Support on Tax Issue
03/24/201416:41:14Senate Panel to Look at Caterpillar Tax Strategy
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03/20/201413:50:28Caterpillar Says Dealer Sales Fell 8% in Latest 3 Months
02/26/201415:13:36MARKET SNAPSHOT: U.S. Stocks Pare Gains In Late Trade
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01/27/201416:54:20MARKET SNAPSHOT: U.S. Stocks Fall; Dow Down 5 Days In A Row
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01/27/201410:15:32MARKET SNAPSHOT: U.S. Stocks Edge Higher, Caterpillar Lifts Dow
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01/27/201408:27:09Correction to Caterpillar Earnings Story
01/26/201408:16:39MARKET SNAPSHOT: Stock Investors Trash Market Darlings, Face...
12/09/201318:13:08Seven Group: WesTrac to Buy Caterpillar Assets in China for US$130...

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