Caterpillar, a major exporter of heavy equipment, plans to sell off the majority interest in its third-party logistics company to Platinum Equity for about $750 million.
The Peoria, Ill.-based manufacturer said the sale of the 65 percent equity state in Caterpillar Logistics Services would allow it to focus on core businesses. Under the agreement with Platinum, Caterpillar Logistics will continue to serve non-Caterpillar branded parts, including FG Wilson, Perkins, Solar, as well as Caterpillar Japan.
Caterpillar said the proposed sale won’t impact manufacturing, logistics or transportation operations, and Cat brand parts distribution will continue as a core business within Cat Logistics. The proposed sale is expected to be completed in the third quarter.