Caterpillar, Inc. (NYSE:CAT) shares are trading higher on Wednesday. The company extended its joint venture with Trimble Inc. (NASDAQ:TRMB) to enhance the distribution of grade control solutions in construction.

The renewed agreement will broaden industry reach and enhance access to interoperable grade control solutions through a flexible platform for Caterpillar, Trimble, and other technology providers.

This partnership will drive innovation, differentiation, and the development of new offerings while exploring new industry and geographic opportunities.

Rob Painter, president and CEO of Trimble, said, "Trimble's Connect & Scale strategy has created an ecosystem that empowers customers across both the physical and digital worlds. The next phase of our joint venture will drive innovation in grade control technology to expand the industry opportunity with localized and differentiated solutions while improving technology interoperability."

"This partnership underscores a joint commitment to connect the office and the field throughout the design-build-operate lifecycle of construction projects."

Also Read: Caterpillar Is 'Holding The Line' On Earnings, Despite Macro Slowdown: Analyst Takeaways From Q2 Results

Tony Fassino, Caterpillar Construction Industries group president, stated, "Today's announcement is a continuation of this collaboration. With a focus on accelerating this leading-edge technology, we are committed to making it easier for customers to acquire and adopt our solutions across Cat and mixed fleets alike."

Investors can gain exposure to the stock via Global X Funds Global X Dow 30 Covered Call ETF (NYSE:DJIA) and Global X Funds Global X Dow 30 Covered Call & Growth ETF (NYSE:DYLG).

Price Action: CAT shares are up 0.72% at $395.22 at the last check Wednesday.

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