NEW YORK (AP) -- Caterpillar Inc. said Friday it agreed to form a joint venture with a Chinese transmission manufacturer that will build drivetrain systems and other components for Caterpillar machinery and produce a line of automatic transmissions for highway travel.
Caterpillar, which is looking to expand its range of products in China, would be a 45 percent stakeholder in the joint venture. Transmission maker Fast Gear would have 51 percent, and Shaanxi Fast Auto Drive Group Co. Ltd. would hold a 4 percent stake.
Caterpillar, the world's largest maker of construction and mining equipment, currently has nearly 8,000 employees across China.
The joint venture proposal requires regulatory approvals in China.
Caterpillar is based in Peoria, Ill.