Park Ridge, N.J. — Hertz Corp. last month said it will eliminate more than 4,000 jobs worldwide from its car and equipment rental divisions, as well as corporate and support areas, because of slowing demand. The company expects to save $150 million to $170 million this year and will take a fourth-quarter charge of $20 million to $25 million.
The company did not specify how many cuts would be related to its equipment rental division.
Hertz already has trimmed its workforce by 22 per-cent during the past two years, and, with the new cuts, will have cut its workforce 32 percent from August 2006 levels. The company has more than 29,000 employees in 144 countries.
Chairman and CEO Mark Frissora said in a statement that Hertz is still committed to its car and equipment rental businesses and will add the necessary resources when operating conditions improve.
Based in Park Ridge, N.J., Hertz Equipment Rental Corp. is No. 3 on the RER 100.
