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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hertz Global Holdings Inc | NASDAQ:HTZ | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.11 | -2.20% | 4.89 | 4.09 | 6.92 | 5.14 | 4.81 | 5.08 | 8,560,901 | 05:00:08 |
ESTERO, Fla., Dec. 22, 2015 /PRNewswire/ -- Hertz Global Holdings, Inc. (NYSE: HTZ), or Hertz, filed its initial SEC Form 10 registration statement detailing the planned separation of its equipment rental business as a stand-alone, publicly traded company. No record date has been set, though the company has said it expects the transaction to be completed by the end of the second quarter of 2016. The separation is expected to be a tax-free event for U.S. federal income tax purposes to shareholders.
"We've taken a number of actions this year to drive performance and preparing the equipment rental business to operate as a stand-alone company is among the most significant," said John Tague, Hertz president and chief executive officer. "There are fundamental differences in the business models for vehicle versus equipment rental, and we believe the separation will enable more distinct focus on each by the respective separate management teams, as well as provide the equipment rental business with direct access to capital markets.
"Over the course of this year, we've put in place a highly capable senior management team that is ready to successfully operate and grow the equipment business, as well as run a publicly-traded company, based on decades of experience. The team has made significant progress, including a year-over-year 14 percent revenue increase in non-oil and gas markets in the third quarter, and we believe they are positioned to succeed in the long term," Tague added.
The leadership team for the Hertz equipment rental business includes:
"The filing of the Form 10 is a significant milestone on our path toward the separation of the equipment rental business as a stand-alone company," said Larry Silber, president and chief executive officer of Hertz Equipment Rental Corporation. "We are confident that our separation from Hertz Global Holdings will provide us better flexibility and focus to pursue growth opportunities within our core equipment rental markets, which also will enable us to provide better value to our customers, employees, and suppliers."
Hertz's equipment rental business is one of the largest players in the North American equipment rental industry with more than 50 years of equipment-rental expertise. With approximately 4,500 employees, the business has 280 company-operated branches, of which 270 are in the United States and Canada, and the remaining branches are located in the United Kingdom, China and through joint venture arrangements in Saudi Arabia and Qatar. In addition, the business operates through 14 franchisee owned branches in Greece, Iceland, Portugal, and Corsica in Europe; in Afghanistan in the Middle East; in Panama in Central America; and in Chile in South America.
Hertz Equipment Rental Corporation is a leading, full-line equipment-rental supplier in key markets, including civil infrastructure, industrial and manufacturing, oil and gas, government and municipalities, commercial and residential construction, mining, energy, remediation, emergency response, facilities, entertainment, and ground care.
Hertz also disclosed in the filing that it repurchased 22.2 million of its shares during the fourth quarter of 2015 for $343 million under its share repurchase program.
ABOUT HERTZ GLOBAL Holdings, Inc.
Hertz Global Holdings, Inc. operates the Hertz, Dollar, Thrifty and Firefly car rental brands in more than 10,000 corporate and licensee locations throughout approximately 150 countries in North America, Europe, Latin America, Asia, Australia, Africa, the Middle East and New Zealand. Hertz Global Holdings, Inc. is one of the largest worldwide airport general use car rental companies with more than 1,600 airport locations in the U.S. and more than 1,400 airport locations internationally. Product and service initiatives such as Hertz Gold Plus Rewards, NeverLost®, Carfirmations, Mobile Wi-Fi and unique vehicles offered through the Adrenaline, Dream, Green and Prestige Collections set Hertz Global Holdings, Inc. apart from the competition. Additionally, Hertz Global Holdings, Inc. owns the vehicle leasing and fleet management leader Donlen Corporation, operates the Hertz 24/7 hourly car rental business in international markets and sells vehicles through its Rent2Buy program. The Company also owns Hertz Equipment Rental Corporation ("HERC"), one of the largest equipment rental businesses with more than 350 locations worldwide offering a diverse line of equipment and tools for rent and sale. HERC primarily serves the construction, industrial, oil, gas, entertainment and government sectors. For more information about Hertz Global Holdings, Inc., visit: www.hertz.com.
CAUTIONARY NOTE CONCERNING FORWARD LOOKING STATEMENTS
Certain statements contained in this release include "forward-looking statements." Forward-looking statements include information concerning the Hertz Global Holdings' liquidity and its possible or assumed future results of operations, including descriptions of its business strategies. These statements often include words such as "believe," "expect," "project," "potential," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts" or similar expressions. These statements are based on certain assumptions that Hertz Global Holdings has made in light of its experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate in these circumstances. Hertz Global Holdings believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports on Forms 10-K, 10-Q and 8-K. Among other items, such factors could include: the effect of our proposed separation of our equipment rental business and ability to obtain the expected benefits of any related transaction; our ability to complete the proposed separation within the expected timeframe; and changes to our senior management team.
Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to Hertz Global Holdings or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and Hertz Global Holdings undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/hertz-global-holdings-inc-files-sec-form-10-registration-statement-as-it-prepares-for-separation-of-its-equipment-rental-business-300196280.html
SOURCE Hertz Global Holdings, Inc.
Copyright 2015 PR Newswire
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