Herc Holdings Inc. (NYSE:HRI), the equipment rental company formerly named Hertz Global Holdings, Inc. and the continuing parent of Herc Rentals Inc., completed its separation from the Hertz car rental business and debuted 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 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 stated mission “to ensure that end users of its equipment and services achieve optimal performance safely, efficiently and effectively.”
New Herc Rentals Corporate Fact Sheet
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. 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.”
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.comandhttp://ir.hertz.com/.
“We are strategically positioned to generate above-market growth with significant opportunities for operational and financial improvement,” said Larry Silber, president and chief executive officer. “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 is joined by a leadership team with deep knowledge of the equipment rental industry:
- 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 Tools and ProTruck line of commercial vehicles, to complement our large selection of premium general equipment products,” added Silber. “In addition, our new ProSolutions business provides specialty equipment, technical expertise, and full-service, on-site support to solve our 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. 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.
“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,” Silber said. “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.”
