The Virginian-Pilot
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Caterpillar Inc. is selling its Virginia dealer, Carter Machinery Co. Inc., to a former executive, the machinery giant announced Wednesday.
Jim Parker, a retired Caterpillar vice president, will be the principal owner and become Carter’s CEO.
Caterpillar has owned Carter, the only company-owned dealer, since 1988. Based in Salem, Carter has locations across Virginia and part of West Virginia, including two in Chesapeake and one in Williamsburg. Its senior management participated in the buyout and will remain.
“We expect there will be a seamless transition for customers,” Parker said in a statement.
The sale is expected to close in the first quarter of this year and is subject to regulatory reviews and approvals. Terms were not disclosed.
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