Hertz Files SEC Registration Statement For Equipment Rental Business Separation

(RTTNews) - Hertz Global Holdings, Inc. (HTZ) said it has filed its initial SEC Form 10 registration statement detailing the planned separation of its equipment rental business as a stand-alone, publicly traded company.

The company noted that while no record date has been set, 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.

The leadership team for the Hertz equipment rental business includes - Larry Silber as president and chief executive officer, Barbara Brasier, who joined the business in November 2015 as chief financial officer, and Bruce Dressel, who joined the business as chief operating officer in June 2015.

The filing also provided an update on Hertz's share repurchase program. The company repurchased 22.2 million of its shares during the fourth quarter of 2015 for $343 million under its share repurchase program.