Hertz Global Holdings 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 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