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Cat Completes Sale of Logistics Business
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.