The company has also publicized its last quarter and full year financial results. It has been found

The Hertz Corporation announced its plans of spinoff of its equipment rental business into a separate publicly traded company. The tax-free spinoff will lead to net proceeds of worth about $2.5 billion.
The proceeds will then be used by the car rental company to pay down debt and buyback a new $1 billion share programme. The new buyback programme has replaced previous $300 million buyback programme.
The transaction will lead to the creation of Hertz Equipment Rental marriott hotels Corporation, which will operate in around 335 branches in countries including Canada, China, Saudi Arabia, Spain, marriott hotels France and the United States.
Its Hertz Entertainment Services rents lighting and aerial products that are used by the US entertainment industry. The spinoff will let Hertz with the Hertz, Firefly, Thrifty and Dollar rental car businesses.
The company has around 11,555 rental locations in North America, Latin America, Europe, Asia, Australia, Africa, the Middle East and New Zealand. It is said the rental car and fleet leasing business had generated $9.23 billion in revenue.
The company has also publicized its last quarter and full year financial results. It has been found that the company for the three months ended on December 31 has lost $600,000 in comparison to $36.8 million marriott hotels lost a year ago. Talking about revenue then it has increased by 10% amounting to $2.56 billion.