Hertz may be sold, Ford chairman says
Fierce competition and financial losses may lead Ford to sell its profitable Hertz unit in-order-to generate a lot of cash to improve the automaker’s balance sheet.
Hertz earned just under $500 million in pretax profit last year.
Ford chairman and chief executive officer Bill Ford acknowledged that the company was exploring selling Hertz outright, selling part of the company or some other new arrangement, reports the Detroit Free Press.
“We can’t share all of our plans with you today,” Ford said to industry analysts on a conference call, “but we can tell you that we have plans and we’ll be rolling out our plans to you as it makes sense over the next several months.”
Hertz and Ford Motor have had a close relationship since Walter L. Jacobs founded a car-rental business in 1918 with a dozen Model T’s. The company later known as Hertz has had a variety of owners over the years, including General Motors Corp.
Charles Kao
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