August 2016, Vol. 71 No. 8
Business
Hertz Equipment Rental Spin-off Creates Herc Rentals
In a spin-off from the Hertz Global Holdings Inc. car rental business, Hertz Equipment Rental Corp. has become Herc Rentals, a stand-alone and publicly traded company listed on the New York Stock Exchange under the symbol “HRI.”
Herc Rentals is a premier, full-line equipment-rental supplier with 280 company-operated branches, principally located in North America; more than 4,600 employees; and 2015 revenues of nearly $1.7 billion. It serves key markets including commercial and residential construction, industrial and manufacturing, refineries and petrochemicals, civil infrastructure, automotive, government and municipalities, energy, remediation, emergency response, facilities, entertainment and agriculture.
Herc Rentals estimates its customer mix for all divisions is 50 percent national accounts and 50 percent local customers. Earthmoving equipment makes up 19 percent of its fleet mix by average fleet original equipment cost (OEC), while aerial equipment represents 27 percent OEC. The company says its total OEC is $3.5 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.
“We are strategically positioned to generate above-market growth with significant opportunities for operational and financial improvement,” said Larry Silber, president and CEO. “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, and substantial functional experience and expertise:
- Bruce Dressel, senior vice president and COO\
- Barbara Brasier, senior vice president and CFO
- Chris Cunningham, senior vice president and chief human resources officer
- Rich Marani, senior vice president and CIO
- Maryann Waryjas, senior vice president, and chief legal officer and secretary
“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 added.
The company will continue to expand operations and invest in all areas of its business. New product lines include ProContractor Tools, the ProTruck line of commercial vehicles and ProSolutions business providing specialty equipment, technical expertise, and full-service, on-site support.
For more information:
Herc Rentals
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