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:
- Larry Silber, president and
chief executive officer, whose background includes 30 years with
Ingersoll Rand, where he led major
business groups including utility equipment, rental and remarketing
and the equipment and services businesses. Most recently, Silber
was executive advisor at Court Square Capital Partners, LLP.
- Barbara Brasier, who joined the
business in November 2015 as chief
financial officer. Before joining the equipment rental business,
Brasier was senior vice president, tax and treasury for Mondelez
International, Inc.
- Maryann Waryjas, who also joined
the business in November 2015 as
general counsel. Waryjas previously was senior vice president,
chief legal officer and corporate secretary for Great Lakes Dredge
& Dock Corporation, one of the largest providers of dredging
services in the United States. She
has more than 30 years of corporate governance, securities, and
mergers and acquisitions experience, including as a partner in
major national law firms.
- Bruce Dressel, who joined the
business as chief operating officer in June
2015. Dressel brings more than 30 years in leadership and
senior management roles in the equipment rental industry, including
time as president and CEO of Sunbelt Rentals, where the company
grew from 24 to 195 locations during his tenure there.
- Rich Marani, who joined the
business in June 2015 as chief
technology officer. Marani has more than 30 years IT experience in
industrial products, construction equipment, aerospace and
information technology businesses. Recently, Marani served in a
senior IT leadership role with Ingersoll
Rand, responsible for global IT strategy for a $3 billion sector of the Ingersoll
portfolio.
- Chris Cunningham, who joined the
business in September 2014 as chief
human resources officer. Cunningham has significant, senior-level
experience in the initial public offering process, talent
acquisition, board relations, performance management, governance,
and international and field operations. He joined the business from
DFC Global Corporation.
"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.
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SOURCE Hertz Global Holdings, Inc.