Hertz Continues Acquisition Strategy to Boost Worldwide Revenue Growth
PARK RIDGE, NJ, Aug 23, 2010 (MARKETWIRE via COMTEX) -- Hertz Global Holdings, Inc. (NYSE: HTZ) announced that Hertz Equipment Rental Corporation (HERC) has acquired Rent One Italy, one of the top power generation companies providing power to telecom and event companies throughout Italy. Headquartered in Casole d'Elsa, Siena, Rent One Italy is a strong player in power generation complementing HERC's established Hertz Energy Services Division.
Founded in 2007, Rent One Italy is a best-in-class power generation rental company that services customers in the event and telecom business, specifically mobile phone companies, including Vodafone and Wind; the Italian Football Championships and Ferrari Team Events. The acquired business had 2009 revenues of US$3.9 million (EUR 2.7M). The acquisition was made by HERC's European business unit for an undisclosed sum and will be integrated into HERC's European operations.
Gerry Plescia, President, Hertz Equipment Rental Corporation, said, "Rent One Italy has a solid reputation in the telecom and events industry and Hertz's acquisition of Rent One is a great fit with our energy services division. Rent One supports Hertz's strategy of diversifying its energy services division into new regions while providing Hertz access to telecom and event customers needing power generation and climate equipment."
Hertz Equipment Rental Corporation -- a wholly owned subsidiary of The Hertz Corporation since 1965 -- operates one of the world's largest equipment rental businesses, offering a diverse line of equipment solutions from tool and machinery rental to specialty divisions including power generation, industrial plant services, pump solutions and fleet management. Customers range from major refinery operations to large and small contractors and event services companies through approximately 325 locations in the United States, Canada, China and Europe. The Hertz Corporation is the world's largest general use car rental brand, operating from approximately 8,200 locations in 146 countries worldwide. Hertz is the number one airport car rental brand in the U.S. and at 81 major airports in Europe, operating both corporate and licensee locations in cities and airports in North America, Europe, Latin America, Asia, Australia and New Zealand. In addition, the Company has licensee locations in cities and airports in Africa and the Middle East. Product and service initiatives such as Hertz #1 Club Gold(R), NeverLost(R) customized, onboard navigation systems, SIRIUS XM Satellite Radio, and unique cars and SUVs offered through the company's Prestige, Fun and Green Collections, set Hertz apart from the competition.
SOURCE: The Hertz Corporation