Caterpillar Completes $750 Million Sale of Logistics Unit

Caterpillar Inc. said Wednesday it has completed the $750 million sale of the majority stake in its third-party logistics business to Platinum Equity.

Under the deal, which was first announced in May, Caterpillar sold a 65% stake in Caterpillar Logistics Services to Platinum Equity, a private equity firm. Caterpillar retains a 35% stake.

Platinum will establish the business as a standalone company under a new brand that will be announced at a later date, Caterpillar said in a statement.

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.