Hertz to slash $100 million in costs

NAPLES — Car-rental giant Hertz says investors can no longer rely on its financial results dating back to 2011 and it plans to cut costs by $100 million.

The company did not specify how the proposed cuts would impact its operations in Southwest Florida. Hertz moved its corporate headquarters to temporary space in Naples from New Jersey last year and it is currently building an $85 million corporate campus in nearby Estero.

“The company is implementing actions to reduce costs by approximately $100 million annually, primarily through reduced general and administrative expenses, reduced information technology and capital investments, a reduction in external strategic advisor expenses, and a previously announced freeze to its pension plans,” Hertz says in a statement. “The company expects to achieve the full run-rate of these savings by year-end 2015.”