Cat Completes Sale of Logistics Business
By: Bob Larson
Updated: April 26, 2013
PEORIA- Caterpillar and Platinum Equity announced Wednesday Platinum's
acquisition of a majority interest in Caterpillar Logistic Services has
been completed. Caterpillar will retain a 35 percent equity stake in the
business while the overall transaction is valued at about $750 million.
Caterpillar Logistics is the third party logistics division of
Caterpillar's wholly owned subsidiary, Caterpillar Logistics
Inc.Platinum intends to establish the business as a stand alone company
under a new brand that will be announced at a later date. Cat says the
sale of the business was driven by the strategic focus on the
significant growth opportunities in the company's core businesses. The
move affects more than 200 local employees. Calls to Platinum Equity
were not returned.
