Bloomberg reported Hertz Global Holdings said it will spin off its equipment-leasing division to focus on renting cars.
According to the Bloomberg report, Hertz will separate into two publicly traded companies, with Hertz comprising car rentals and the Donlen fleet leasing business, and the other containing equipment rental operations. The spun-off company will be called Hertz Equipment Rental Corp., or HERC.
The separation of HERC will probably be completed by early 2015, the company said.
To read the full Bloomberg report, click here.
To read the full official Hertz press release, click here.