Hertz Will Spin Off Equipment Rental
New company will be called Hertz Equipment Rental Corp./HERC.
Hertz Global Holdings Inc. (HTZ) will spin off its equipment-leasing division to focus on car rentals, a move analysts have pushed for since Hertz went public in 2006.
Hertz, based in Park Ridge, New Jersey, will separate into two publicly traded companies. The car-rentals business will keep the name Hertz and get cash proceeds of about $2.5 billion to pay down debt and support a $1 billion share buyback. The spun-off company will be called Hertz Equipment Rental Corp., or HERC, according to a statement.
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Source: Bloomberg News
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