Heavy-equipment maker Caterpillar Inc. said it is selling a majority stake in its third-party logistics business to Platinum Equity for $750 million.
Platinum, a private equity firm, will get a 65% stake in Caterpillar Logistics Services, while Caterpillar will retain a 35% stake.
The sale does not impact Caterpillar’s manufacturing logistics and transportation operations and Cat brand parts distribution, which will continue as core businesses within Cat Logistics.
Caterpillar, the world’s largest manufacturer of construction and mining equipment, said it is making the sale to concentrate its core business and that it expects to complete the deal in the third quarter.
Platinum Equity has bought stakes in other transportation companies, including Keen Transport and Cressler Trucking, announced in January.
Caterpillar Logistics Services is ranked No. 2 in the Transport Topics Logistics 50 listing of North American Logistics companies.