Caterpillar has been meeting potential buyers for its third party logistics business, but has still not decided whether to sell it or keep it as a more independent business within the group.
The group announced a strategic review of the business in March and had been hoping to make a decision by the end of the third quarter.
In a letter to employees in the October edition of the company’s house magazine, Bob Sweikert, chief executive and president of Global Supply Chain Solutions, said: “As you know, the review is continuing and the outcome still is uncertain. So, in this respect there is not too much real news that I can share with you today. We still expect to have a decision during the fourth quarter. Over the last month or so, we have had meetings with potential buyers to answer their detailed questions and in general to give them a better, more detailed understanding of our business.
“We have a great business and feedback from potential buyers has been positive and complimentary of what our team has built our present performance, and our plans for profitably growing this business going forward. You also know that we are still preparing ourselves for either outcome: a potential sale or a more independent GSCS still operating within Cat. We are setting up a separate legal entity structure and finalizing the project for separate financial systems and many other items,” he said in the article in “Connections”.