GREENWICH, Conn. - United Rentals has signed a letter of intent to acquire Horizon High Reach and Equipment for $90 million from parent company W.R. Carpenter North America. Horizon, based in Fresno, Calif., specializes in the sale and rental of aerial work platforms and forklifts.

Horizon's Shaun Flanagan said United and Carpenter planned to do a quick due diligence to determine if the deal will become a reality, and Carpenter officials added that there was no guarantee of an agreement. Officials said the parent company was not selling Horizon's European or South American rental locations, which the company has established over the past year, nor did it plan to sell Selma, Calif.-based aerial work platform manufacturer UpRight.

Horizon is No. 21 on the RER 100 with 1999 reported revenue of $88 million, with $43 million coming from rentals. Horizon has 17 U.S. locations - four each in California and Texas, two in New Jersey, and one each in Colorado, Georgia, Illinois, Maryland, New York, North Carolina and South Carolina.

United, the industry's largest rental company with more than 700 locations, has completed 40 acquisitions this year, representing combined annual revenue of $250 million.