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Caterpillar Inc. said it considering selling part of its logistics business.

The company said it has hired Bank of America Merrill Lynch and Robert W. Baird & Co. to evaluate options for Caterpillar Logistics Services, a subsidiary that provides warehousing and parts distribution for Caterpillar and about 50 other customers, mostly in the automotive, industrial and technology sectors.

Caterpillar Logistics is ranked No. 3 on the Transport Topics Logistics 50 listing of logistics companies, with estimated net revenue of $2.3 billion.