SALEM, Va. (AP) -- Caterpillar Inc. says it plans to sell Carter Machinery Company Inc. in a buyout led by the Virginia-based dealership's senior management.
Caterpillar announced the sale Wednesday in a news release. Terms weren't released. The sale is expected to close in the first quarter of 2011, weren't released.
Retired Caterpillar Vice President Jim Parker will become Carter Machinery's CEO and principal owner.
Salem-based Carter Machinery has operations and stores in Virginia and southeast West Virginia.
Caterpillar has owned Carter Machinery since 1988.
Caterpillar announced the sale Wednesday in a news release. Terms weren't released. The sale is expected to close in the first quarter of 2011, weren't released.
Retired Caterpillar Vice President Jim Parker will become Carter Machinery's CEO and principal owner.
Salem-based Carter Machinery has operations and stores in Virginia and southeast West Virginia.
Caterpillar has owned Carter Machinery since 1988.