Herc Rentals has completed its separation from the Hertz car rental business and is now an independent, publicly traded corporation. The company’s common stock trades 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. 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.
"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.
“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:
- 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.
“We are excited to shape our future as a customer-focused and operationally excellent business serving diverse markets,” Silber said. “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.”