Caterpillar Inc. said it completed the sale of a 65 percent stake in its Caterpillar Logistics Services business to Platinum Equity in a deal valued at about $750 million.
Caterpillar Logistics Services is the third party logistics division of Caterpillar’s subsidiary, Caterpillar Logistics Inc.
Platinum intends to establish the business as a standalone company under a new brand that will be announced at a later date.
“The sale of the third party logistics business was driven by the strategic focus on the significant growth opportunities in our company’s core businesses,” said Steve Larson, vice president of Caterpillar and chairman and president of Cat Logistics.
The sale does not impact Caterpillar’s manufacturing logistics and transportation operations or Cat brand parts distribution. These services will continue as core businesses within Cat Logistics. As part of the sale to Platinum Equity, the divested 3PL business will continue to provide logistics services for non-Cat branded parts including FG Wilson, Perkins, Solar, and Caterpillar Japan.
Caterpillar’s logistics was the subject of a recent cover story in American Shipper. – Chris Dupin
Caterpillar completes 3PL sale to Platinum Equity
