Hertz to cut 1,350 jobs |
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Published
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Wed, 28 Feb 2007 22:44
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PARK RIDGE, N.J. (AP) - Hertz Global Holdings Inc. said Wednesday it will cut 1,350 jobs as part of a restructuring plan designed to save the rental car company $125 million a year.Hertz said the cuts, which will primarily occur at the company's U.S. car rental operations, are intended to eliminate unnecessary layers of management and further streamline decision making.Smaller reductions will occur at U.S. equipment rental operations, the company's corporate headquarters and its U.S. service center in Oklahoma City, as well as in Canada, Puerto Rico, Brazil, Australia and New Zealand.The company said it expects to record restructuring charges of about $9 million to $11 million for severance and related costs during the first quarter of 2007.Hertz shares closed unchanged at $21.26 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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