Third-party logistics firm Caterpillar Logistics Services said Thursday it has changed its name to Neovia Logistics Services.
Los Angeles-based private equity firm Platinum Equity bought 65% of Caterpillar Inc.’s logistics unit in July for about $750 million, leaving Caterpillar a 35% stake.
The newly renamed Neovia translates to “a new path,” said CEO Jos Opdeweegh, who has extensive logistics experience in Europe, Asia and the Americas. He was named to the position in August.
The sale did not affect Caterpillar’s manufacturing logistics and transportation operations and Cat brand parts distribution, which continue as core businesses as part of Cat Logistics.