Herc Holdings Inc., the equipment rental company formerly named Hertz Global Holdings, Inc. and the continuing parent of Herc Rentals Inc. (Herc Rentals), announced today the completion of its separation from the Hertz car rental business and its debut as an independent, publicly traded corporation. The company’s common stock begins trading “regular way” today on the New York Stock Exchange under the symbol “HRI.”
Herc Rentals is a premier, full-line equipment-rental firm with approximately 280 company-operated branches, principally located in North America, more than 4,600 employees and 2015 revenues of nearly $1.7 billion.
The company’s equipment rental business spans more than 50 years, with a mission to ensure that end users of its equipment and services achieve optimal performance safely, efficiently and effectively.
To effect the separation as part of a tax-free spinoff, Hertz Global Holdings stockholders as of the June 22, 2016 record date received shares in Hertz Rental Car Holding Company, Inc., on June 30, 2016 at a rate of one share for every five shares held.
Hertz Rental Car Holding Company, Inc. has changed its name to Hertz Global Holdings, Inc., and begins trading “regular way” today on the New York Stock Exchange under the symbol “HTZ.”
The shares of the former Hertz Global Holdings, now known as Herc Holdings Inc., were adjusted for a 1-for-15 reverse stock split that was implemented immediately after the separation. Herc Holdings shares now represent ownership of the equipment rental business, which will operate through Herc Rentals, on a stand-alone basis.
No fractional shares will be issued in connection with any of the transactions. Information regarding cash payments to be made in lieu of fractional shares can be found at http://ir.HercRentals.com and http://ir.hertz.com/.
“We are thrilled to begin the next chapter in the history of our company,” said Larry Silber, president and chief executive officer. “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."
Silber added, “With focused resources, industry experience across the leadership team, premium products and services across a broad array of industries and end-use 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.”
Silber is joined by a leadership team with deep knowledge of the equipment rental industry and substantial functional experience and expertise:
* Bruce Dressel ― Senior Vice President and Chief Operating Officer
* Barbara Brasier ― Senior Vice President and Chief Financial Officer
* Chris Cunningham ― Senior Vice President and Chief Human Resources Officer
* Rich Marani ― Senior Vice President and Chief Information Officer
* Maryann Waryjas ― Senior Vice President, Chief Legal Officer and Secretary
“We will continue to expand our operations and to invest in all areas of our business, including new product lines such as ProContractor ToolsTM and ProTruck line of commercial vehicles, to complement our large selection of premium general equipment products,” said Silber.
Silber added that the company's new ProSolutions business provides specialty equipment, technical expertise, and full-service, on-site support to solve customers’ toughest challenges.
“We are also advancing processes and tools designed to drive continuous improvement across our company and to provide a higher level of service for our customers," said Silber. "Most notably, our enterprise-wide 'Herc Way' operating model ensures a consistent branch-to-branch approach to managing, servicing and repairing our fleet and rapidly gets equipment ready to rent, which will greatly improve our opportunities to serve more customers."
Silber concluded by saying, “We are excited to shape our future as a customer-focused and operationally excellent business serving diverse markets. I’m also pleased to note that our first day as an independent company coincides with the launch of several major technology platforms, including our new website and mobile app. The mobile app sets new technology and user-experience standards for the equipment rental industry and will continue to evolve to include tools and features designed to improve our customers’ experience with Herc Rentals.”
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