Ford has stopped a car rentDuring disposal of not profile actives the American autoconcern of Ford has sold for $15 mlrd the world`s largest company on car rent Hertz. It was bought by group of investors in structure Clayton, Dubilier and Rice Inc., Carlyle Group, division Merrill Lynch and Co. Investors have incurred about $9,4 mlrd credit obligations Hertz and $5,6 more mlrd have paid for the company. As confirms a source in the Russian representation Hertz, the company on - former intends to open this year in Russia two more representations.
Ford Motor Co. - the second-large motor-car manufacturer of the USA. The number of brands belonging to it, besides actually Ford, includes Aston Martin, Jaguar, Land Rover, Lincoln, Mazda, Mercury and Volvo. In 2004 Ford turn has made $171,6 mlrd, net profit - $3,5 billion Hertz, become by Ford division in 1994, - the world leader on a car rent, totals 7400 offices in more than 150 countries of the world. The company turn in 2004 has reached $6,7 mlrd, net profit - $365,5 million the Russian representations Hertz are opened in Moscow, St.-Petersburg, Samara, Nizhni Novgorod and Ekaterinburg. The park of cars Hertz in Russia totals more than 500 cars, 300 from which are in Moscow. In Russian Hertz cars of 12 marks - from inexpensive Fords to Audi a premium - a class are presented.
for more than 80 - summer history of existence Hertz has been sold some times: before the company has got Ford, it belonged both to private persons, and General Motors. On sale Hertz Ford company has informed on plans in April. Before Ford already has sold some not profile actives to invest the obtained means in the basic manufacture. Despite efforts of the company, Ford incomes fall, and its share on the main thing for the company the North American market is reduced. For the second quarter 2005 the general profit of Ford during the current year already twice reducing the predicted profit, has fallen to 19 %, having made $946 million Losses to a deduction of taxes on a car market of the North America have made in the second quarter $1,21 billion
In June Hertz has made an application on carrying out IPO then at once two groups of investors have expressed desire to get the company. Besides the consortium which has bought Hertz, the demand has been submitted from group of private investment companies Bain Capital, Blackstone Group, Texas Pacific Group and Thomas H. Lee and Partners. In Ford have judged that sale will bring money much faster, than an exit on IPO. Therefore it has been decided to sell Hertz directly. In case of purchase approval the parties by supervising bodies of the USA plan to finish the transaction till the end of the year.
Transfer Hertz to new owners does not mean that Ford stops any cooperation with the former division which the traditionally basic attention gave to use of cars of Ford and its affiliated companies. So, last year from all cars bought Hertz in the North America for modernisation and expansion of the motor car park, 41 % has had on Ford production. In July of this year Hertz and Fords have agreed that Hertz will continue to get and advance in the market cars of Ford till August, 2010 in exchange for that Ford will pay half of advertising budget Hertz. According to many experts, after sale Hertz this arrangement remains in force.
the source in Russian Hertz has on the condition of anonymity declared that “ with this sale for the company will open more prospects as new owners have paid off all debts “. Therefore plans to open till the end of the year two more representations in Russia, Rostov-on-Don and Novosibirsk, Hertz has not changed. In London a staff - to apartment Hertz have declared what early to predict, as will affect company business, including to Russia, arrival of new owners.
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