Caterpillar Inc., moving to boost its presence in the booming Asia-Pacific market, on Wednesday unveiled an approximately $500 million transaction that will engineer the heavy-equipment giant's 50 percent ownership stake in a Japanese joint venture to a controlling 67 percent.

For more than four decades, the Peoria-based manufacturer and Japan's Mitsubishi Heavy Industries Ltd. have operated an equally owned venture that makes Caterpillar-branded construction and earthmoving equipment.

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