Hertz dubs plant arm ‘Herc Rentals’ ahead of split
Global rental giant Hertz renames equipment leasing arm ahead of its split and independent listing
The Hertz group will rename its equipment arm Hertz Equipment Rental Corporation (HERC), dubbing the business Herc Rentals at the point of its separation from the main Hertz business in mid-2016.
HERC has made significant inroads in the Middle East in the last two years, opening owner-operator outfits in both Saudi Arabia and Qatar and franchises in Afghanistan and most recently Iraq, after a deal was signed in October with the Khudairi Group, which has locations in four major cities.
Jay Early, HERC international VP, added at the time: “Our success in Saudi Arabia, expansion into Qatar and our franchise in Iraq reflect our confidence in ongoing development in the Middle East.”
“I am delighted to preview Herc Rentals as the future name for the business that 50 years ago became the first global equipment-rental firm,” said Larry Silber, president and CEO of HERC.
Silber said there would be a smooth transition to the new name and brand “to be sure our customers and partners know they are working with the same organisation they have entrusted with their equipment rental needs for five decades.”
The new name and logo will further clarify the distinction between Hertz’s automotive business and its equipment rental spin-off – a move aimed at providing the equipment rental business with direct access to capital markets.
John Tague, Hertz president and CEO, noted: “We’ve put in place a highly capable senior management team that is ready to successfully operate and grow the business, as well as run a publicly-traded company, based on decades of experience.”
Silber added that removing the word ‘equipment’ from its name reflected Herc Rentals’ evolution into a “comprehensive solutions provider across a broad range of customer and market segments, product categories, service and technology offerings, and technical and project expertise”.