04.07.2016

Hertz Equipment independent

Hertz Equipment Rental, or Herc Rentals, to give it its new name, is officially a separate, publicly quoted company, trading on the New York Stock Exchange.

The company’s chief executive Larry Silber, had the honour of ringing the opening bell on Friday. The company has 280 locations, mostly in North America, 4,600 employees and had nearly $1.7 billion in revenues.

Hertz shareholders were given one share in the new company, for every five shares they held. At the same time Hertz Rental Car Holding has changed its name to Hertz Global Holdings. Its shares were adjusted for a 1-for-15 reverse stock split that was implemented immediately after the separation.
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The new Herc logo

Silber said: “We are thrilled to begin the next chapter in the history of our company. We are strategically positioned to generate above-market growth with significant opportunities for operational and financial improvement. As an independent company, Herc Rentals now has the financial and operational flexibility to pursue strategies that are specific to the equipment rental business.”

“With focused resources, industry experience across the leadership team, premium products and services across a broad array of industries and end-user markets, and the support of our dedicated employees, we are positioned to provide even better service and overall value for our customers and to bring enhanced value to our shareholders.”