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Company type | Public |
---|---|
NYSE: HRI | |
Industry | Equipment rental |
Predecessor | The Hertz Corporation |
Founded | 1965 |
Headquarters | Bonita Springs, Florida |
Key people | Lawrence H. Silber (CEO and president) |
Revenue | $3.2 billion (2023) |
Number of employees | 7,200 (2023) |
Parent | Herc Holdings |
Website |
www |
Footnotes / references [1] [2] |
Herc Rentals is an equipment rental company, owned by Herc Holdings. It was formerly a subsidiary of The Hertz Corporation before being spun-off as a separate company in 2016. The company provides rentals of heavy equipment, [3] tools, power generators and pumps, [4] as well as sales of used equipment. [5]
It primarily serves companies in the construction, manufacturing, energy, civil infrastructure, agriculture, and entertainment industries. [6] [7] [8]
The company was founded in 1965 as a subsidiary of The Hertz Corporation. [9] It was originally named Hertz Equipment Rental Corporation (HERC). It was the second largest equipment rental company as of 1994. [10] Ford Motor Company considered acquiring HERC in 2002 but opted not to. [11]
In 2013, HERC's headquarters were moved from Park Ridge, New Jersey to Estero, Florida. [12] [13] The company generated over $1.5 billion in revenue in 2013, which was 14% of Hertz's total revenue. [14] Its annual revenue had increased to $1.7 billion by 2015. [6]
In 2014, it was announced that Hertz Global planned to spin-off HERC as a separate publicly traded company. [15] [16] [17] The spin-off raised $2 billion for Hertz to reduce its own debt. [18] On July 1, 2016, Herc Rentals Inc. became an independently traded company (NYSE: $HRI). [19] It is currently owned by Herc Holdings. [8]
Lawrence Silber became head of the company in 2015 and led it during the transition, [12] becoming CEO and president after the spinoff. [20] The company was renamed Herc Rentals, based on the acronym for its previous name. [21]
Silber instituted a number of changes to the company and its corporate culture, [22] including hiring a new executive team, [13] opening new branches, [23] and increasing the company's salesforce by 50%. [12] He also diversified the company's revenues with the introduction of new products such as power tools, climate control, [13] power generators, [24] commercial vehicles, and other specialty equipment. [25]
Between 2016 and 2020, the company spent $1.8 billion into expanding its rental fleet. [23] The company invested between $525 and $575 million into its rental fleet in 2021, [26] and over $1 billion in 2023. [27] During this time, the company's revenue and earnings have increased. Its yearly earnings increased by 28% in 2021, [23] and by 35% in 2022. [26] The company continued to grow in 2023, when its revenues increased by 18%. [28]
After spinning off, Herc Rentals has acquired a number of other companies, [29] including CBS Rentals, [30] All-Star Rents, [31] Dwight Crane, [32] Reliable Equipment, [33] All Reach, [34] and Champion Rentals. [35]
It is currently one of the largest equipment rental companies in the world and operates in the United States and Canada. [3] [36]
![]() | |
Company type | Public |
---|---|
NYSE: HRI | |
Industry | Equipment rental |
Predecessor | The Hertz Corporation |
Founded | 1965 |
Headquarters | Bonita Springs, Florida |
Key people | Lawrence H. Silber (CEO and president) |
Revenue | $3.2 billion (2023) |
Number of employees | 7,200 (2023) |
Parent | Herc Holdings |
Website |
www |
Footnotes / references [1] [2] |
Herc Rentals is an equipment rental company, owned by Herc Holdings. It was formerly a subsidiary of The Hertz Corporation before being spun-off as a separate company in 2016. The company provides rentals of heavy equipment, [3] tools, power generators and pumps, [4] as well as sales of used equipment. [5]
It primarily serves companies in the construction, manufacturing, energy, civil infrastructure, agriculture, and entertainment industries. [6] [7] [8]
The company was founded in 1965 as a subsidiary of The Hertz Corporation. [9] It was originally named Hertz Equipment Rental Corporation (HERC). It was the second largest equipment rental company as of 1994. [10] Ford Motor Company considered acquiring HERC in 2002 but opted not to. [11]
In 2013, HERC's headquarters were moved from Park Ridge, New Jersey to Estero, Florida. [12] [13] The company generated over $1.5 billion in revenue in 2013, which was 14% of Hertz's total revenue. [14] Its annual revenue had increased to $1.7 billion by 2015. [6]
In 2014, it was announced that Hertz Global planned to spin-off HERC as a separate publicly traded company. [15] [16] [17] The spin-off raised $2 billion for Hertz to reduce its own debt. [18] On July 1, 2016, Herc Rentals Inc. became an independently traded company (NYSE: $HRI). [19] It is currently owned by Herc Holdings. [8]
Lawrence Silber became head of the company in 2015 and led it during the transition, [12] becoming CEO and president after the spinoff. [20] The company was renamed Herc Rentals, based on the acronym for its previous name. [21]
Silber instituted a number of changes to the company and its corporate culture, [22] including hiring a new executive team, [13] opening new branches, [23] and increasing the company's salesforce by 50%. [12] He also diversified the company's revenues with the introduction of new products such as power tools, climate control, [13] power generators, [24] commercial vehicles, and other specialty equipment. [25]
Between 2016 and 2020, the company spent $1.8 billion into expanding its rental fleet. [23] The company invested between $525 and $575 million into its rental fleet in 2021, [26] and over $1 billion in 2023. [27] During this time, the company's revenue and earnings have increased. Its yearly earnings increased by 28% in 2021, [23] and by 35% in 2022. [26] The company continued to grow in 2023, when its revenues increased by 18%. [28]
After spinning off, Herc Rentals has acquired a number of other companies, [29] including CBS Rentals, [30] All-Star Rents, [31] Dwight Crane, [32] Reliable Equipment, [33] All Reach, [34] and Champion Rentals. [35]
It is currently one of the largest equipment rental companies in the world and operates in the United States and Canada. [3] [36]