Ford looking at selling all or part of Hertz subsidiary
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Posted 12:45PM on Monday 15th April 2002 ( 23 years ago )
DETROIT - Ford Motor Co. is looking into selling all or part of the Hertz Equipment Rental Corp. division of its wholly-owned Hertz Corp. car rental subsidiary. <br>
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The equipment rental operation supplies rental construction, earthmoving, industrial, and electrical equipment and operates in the United States, Canada, France and Spain. <br>
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Ford said it has hired the financial firm JP Morgan to assist in its evaluation of the sale. <br>
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"We said during our revitalization announcement last January that we would be selling noncore businesses ... and equipment rental is noncore to what we do," Ford spokesman Nick Sharkey said. <br>
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He did not have an estimate as to how much HERC is worth. <br>
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In morning trading on the New York Stock Exchange, Ford shares were down 19 cents at $15.15 a share. <br>
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