Hertz Acquires Rental Company Pioneer Equipment
Hertz Global Holdings Inc. said Tuesday that its equipment rental division acquired Pioneer Equipment Rental and Sales, a construction and industrial equipment rental company that services the Oklahoma, southern Kansas and northern Texas markets.
Financial terms were not disclosed.
Park Ridge, N.J.-based Hertz said the Oklahoma-based company mainly focuses on rentals to the industrial and construction markets. The addition of Pioneer is expected to boost the rental equipment company’s market share and geographic coverage, along with its lineup of products and services, Hertz said.
Hertz said it expects Pioneer to increase the equipment rental business’ revenue by about $25 million a year and increase the overall company’s 2012 earnings.
Hertz shares fell 15 cents to $14.12 in midday trading.