Top 12 News of 2008
Judge Rules Against United Rentals in Cerberus Case
Greenwich, Conn. A Delaware court ruled against United Rentals' efforts to force Cerberus Capital Management to complete its $6.7 billion takeover of...
North American Rental Market Tops $42 Billion, ARA Study Says
The total size of the North American rental market was $42.3 billion in 2007, according to the American Rental Association’s 2007 State of the Industry report, released last week at The Rental Show in Las Vegas. The $42.3 billion figure included $36.5 billion in the United States and $5.8 billion in Canada....
Former United Rentals President Milne Charged With Securities Fraud
John Milne, former vice chairman, president and chief financial officer of United Rentals was indicted April 4 by a federal grand jury for conspiracy, securities fraud, insider trading and making false filings with the Securities and Exchange Commission. Federal prosecutors say Milne used insider information when he sold 850,000 shares of United Rentals stock and made more than $22 million....
Haulotte Group Acquires Bil-Jax
Consolidation of the aerial industry took a major step this week with the acquisition of Bil-Jax Inc. by the Haulotte Group, through its U.S. subsidiary....
Industry Pioneer William “Bill” Grasse Dies
The word “pioneer” is often used to describe people who played roles in the early development of an industry. When it comes to the equipment rental industry, probably no single individual embodies the word pioneer more than Bill Grasse, who died July 18 in Palm Desert, Calif., a few weeks before his 91st birthday....
United Rentals Names Kneeland President, CEO and Director
After a unanimous election by United Rentals’ board, the company last week named Michael Kneeland president, CEO and a director of the company. Kneeland has served as interim CEO since June 2007 when Wayland Hicks retired....
HERC Expands Equipment Rental Operations to China
Hertz Equipment Rental Corp. recently began operations in Shanghai, China, the company said last week. HERC is beginning with an initial product line of aerial lifts, air compressors and generators, and plans to expand to include cranes, excavators, rollers and wheel loaders....
United Rentals Settles SEC Inquiry
United Rentals last week reached a final settlement with the Securities and Exchange Commission of the SEC’s previously announced inquiry. This settlement brings the inquiry to a close for the company....
Pon North America Rebrands its Five Companies as Equipment Depot
Pon North America has re-branded its U.S. rental group as Equipment Depot, Don Moes, president of the Pon North America material handling group and founder of Waco, Texas-based Equipment Depot, said last week....
Gehl Co. Announces Agreement to Be Acquired by Manitou BF
Gehl Co. today announced it has signed a definitive agreement to be acquired for $30 per share by its largest shareholder, Manitou BF S.A., a manufacturer and distributor of material-handling equipment based in France. The transaction, with an aggregate enterprise value of about $450 million, will be effected through a tender offer for all outstanding shares of Gehl by a Manitou subsidiary, Tenedor Corp., followed by a second step, cash-out merger....
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