Hertz spins off equipment arm

ESTERO — Hertz Global Holdings netted $2 billion late Thursday from the spin-off of its equipment-rental business.

Hertz will use $395 million of that sum to buy back shares. It also plans to lower corporate debt and to boost its car-rental services.

“Completing the separation of the equipment rental business delivers on the commitment our board made to shareholders in March 2014,” says John Tague, president and CEO of Hertz, in a statement. “Over the past 12 months, we've prepared the business unit to successfully operate as a stand-alone, publicly traded company by resizing its operations, and recruiting and installing a new management team as well as a board of directors with deep industry and public company experience.”