- March 28, 2024
Loading
When Lee County scored an economic development coup three years ago with the global corporate headquarters of Hertz from New Jersey, few could have forecast the region would land two corporate headquarters from the deal.
That's because activist investor Carl Icahn called for Hertz to spin off its equipment rental division shortly after Hertz moved its headquarters to Southwest Florida. Icahn argues a spinoff would benefit Hertz shareholders who have suffered through dismal returns in recent years.
The spinoff got a boost May 26 when Hertz announced plans to sell $1.24 billion in bonds to finance the creation of a separate equipment rental company. In an earnings statement recently, Hertz says the spinoff remains scheduled for this summer.
When the spinoff happens, Lee County will be home to a new corporate headquarters called Herc Rentals. It's a well-established business: Hertz has rented large equipment and tools such as earth-moving equipment and power generators since 1965 to a range of industries, including construction, oil, gas, entertainment and government.
Herc Rentals, now based at the Riverview Corporate Center in Bonita Springs in south Lee County, has 280 locations, including 270 in the U.S. and Canada. Most recently, Hertz says equipment rental revenues totaled $328 million in the first quarter.