Herc Holdings has sold all of its interest in Hertz Equipment Rental (also known as Hertz China) to Guangxi LiuGong Machinery, a move it says will help it focus on the North American market.
Pending approval of government authorities in China, the deal is expected to close in 60 days.
“The sale of our business in China completes the disposition of all of our international operations to better focus on the North American market,” says Larry Silber, president and chief executive officer of Herc Holdings. “We are pleased that the business will transition to LiuGong, a leader in the construction equipment and material handling industries in China. We believe that LiuGong will offer a significant growth platform for the Hertz China team.”
The move continues the rental thrust LiuGong announced earlier this year.
“Rental already represents more than 90 percent of the industry for aerial work platforms in China,” says Kevin Thieneman, Guangxi LiuGong Machinery vice president and chairman of LiuGong North America. “We are pleased to acquire a business led by an experienced team trained in the business methodologies of one of the world’s leading rental companies. The Hertz China business will enable LiuGong and our dealers to accelerate the development of rental solutions both in China and globally.”