6
NEWS
ACCESS, LIFT&HANDLERS
APRIL-MAY 2014
EVENTSDIARY
2014
June 24-26
APEX
(Access Platform Exhibition)
Amsterdam, TheNetherlands
June 24-26
INTERNATIONAL RENTAL
EXHIBITION (IRE)
Amsterdam, TheNetherlands
June 25
EUROPEANRENTAL AWARDS
Amsterdam, TheNetherlands
July 27-30
SAIAANNUAL CONFERENCE
Austin, TX
October 30-31
THE INTERNATIONAL
CONSTRUCTION ECONOMIC
FORUM (ICEF)
London, UK
November 11
ACCESS, LIFT&HANDLERS
CONFERENCEANDAWARDS
Miami, FL
Hertz Corp. to spinoff
equipment rental division
Hertz Corp. will spin-off its
equipment rental division, Hertz
Equipment Rental Corp (HERC), in a
$2.5 billion deal that is expected to
close in early 2015.
The separation of HERC from the
car rental businesses is planned
in the form of a tax-free spin-off
toHertz shareholders. Hertz said
proceeds of the transactionwill be
approximately $2.5 billion, with the
funds used to pay downHertz debt
and support a newly approved $1
billion share repurchase program.
“The actions announced today
will create separate companies
whichwe expect to benefit from
improved financial profiles that
include increased earnings stability
and higher returns on capital,”
saidMark Frissora, chairman
and chief executive officer of
Hertz Corp. “Our rental car and
equipment rental businesses
are leaders in their respective
marketswith valuable assets and
tremendous long-term potential.
Through unbundling these
undervalued assets, we unleash
current and future shareholder
value.”
Frissora continued, “In fact,
we believe there is a potential
formultiple expansion even if
both businesses only trade in
linewith their peers. Additionally,
the separationwill help each
business focus on its strategic
and operational performance.With
respect to capital allocation, our
new leverage ratiosmay allow for
incremental return of capital to
our shareholders given the current
credit environment.”
Following the separation, HERC
will remain one of the largest and
most diversified equipment rental
businesseswith approximately
335 branches across theworld.
The company had annual
revenues of over $1.5 billion
in 2013, with 38 percent of its
2013 revenues derived from the
constructionmarket, 26 percent
from industrial, 36 percent from
othermarkets including oil and
gas, and from other specialty
nichemarkets, such as pump and
power, government services, and
the entertainment industry.
AWPpioneer Russ Guthery: 1940-2014
Russ Guthery, one of the aerial work platform industry’s founders, died of a heart attak April 8 in his home
near Fresno, CA. Hewas 73 years old.
Guthery beganworking in the industry in Southern Californiawith A-1Machinery, whichwas a part of the
development of Parker Lift. Parker Lift was formedwhen John Parker joined the company fromSelma Lift,
whichwas later GroveManlift. Parker Lift progressed intoMark Industries.
Gutherymoved from there toWeber Products in Fresno, CA, where the
Placer telehandler and Bandit scissor liftswere produced. He later went
to Versalift/Condor and, lastly, Calavar Scissor Lifts inWaco, TXwhere
he retired from a few years back.
Gutherywas an engineer, designer andmarketer. Amessage sent
out from one of his close colleagues read, “As far as a title or job
description goes he covered awide range, concept/engineer/R&D/
marketing. His accomplishments are too numerous to list. He loved
working projects from the ground up, a blank sheet of paper so to
speak. Asked, "How did you come upwith that Russ?" Hewould point
to a little chalk drawing on the floor, "There’s the blueprint, and you
better copy it beforewe sweep."
“He truly lived one day at a time andmade themost of every day. He
loved to play golf at the crack of dawn before the first greenwas even
mowed. Hewaswell known in the industry andwell-liked by all that
knew him.”
Xtreme launches scissor
XtremeManufacturing used
ConExpo to debut a battery-
powered, compact scissor lift that
features three steeringmodes,
a 12-foot platform height and a
500-pound platform capacity.
The XS3212 has two-wheel
front steer, four-wheel steer and
crab steer. The unit is 32 inches
wide and 54 inches long. It has an
extension deckwith a 350-pound
capacity that extends the platform
deck to 79 inches in length.
Formore on the new scissor, as
well asmanymore products, see
our ConExpo review on page 36.
XtremeManufacturing’s XS3212
