Herc has sold all of its interest in Hertz Equipment Rental China to Chinese crane, access and construction equipment manufacturer LiuGong (Guangxi LiuGong Machinery). No details of the transaction have been released.
The transaction is subject to the approval of relevant government authorities in China and is expected to close within the next two months.
Herc chief executive Larry Silber said: “The sale of our business in China completes the disposition of all of our international operations to better focus on the North American market. We are pleased that the business will transition to LiuGong, a leader in the construction equipment and material handling industries in China. We believe that LiuGong will offer a significant growth platform for the Hertz China team.”
LiuGong vice president Kevin Thieneman added: “For construction equipment, rental is the largest industry segment in Europe and North America and is projected to become a significant portion of the industry in China. Rental already represents more than 90 per cent of the industry for aerial work platforms in China. We are pleased to acquire a business led by an experienced team trained in the business methodologies of one of the world’s leading rental companies. The Hertz China business will enable LiuGong and our dealers to accelerate the development of rental solutions both in China and globally.”