Herc Holdings, the equipment rental company formerly named Hertz Global Holdings and the continuing parent of Herc Rentals, completed its separation from the Hertz car rental business and made its debut as an independent, publicly traded corporation.

Herc Rentals is an equipment-rental firm with approximately 280 company-operated branches, principally located in North America, more than 4,600 employees and 2015 revenues of nearly $1.7 billion.

To effect the separation as part of a tax-free spinoff, Hertz Global Holdings stockholders as of the June 22, 2016 record date received shares in Hertz Rental Car Holding Company on June 30, 2016 at a rate of one share for every five shares held. Hertz Rental Car Holding changed its name to Hertz Global Holdings.

The shares of the former Hertz Global Holdings, now known as Herc Holdings, were adjusted for a 1-for-15 reverse stock split that was implemented immediately after the separation. Herc Holdings shares now represent ownership of the equipment rental business, which will operate through Herc Rentals, on a stand-alone basis. No fractional shares will be issued in connection with any of the transactions.

“We are thrilled to begin the next chapter in the history of our company,” said Larry Silber, president and CEO of Herc Holdings. “We are strategically positioned to generate above-market growth with significant opportunities for operational and financial improvement. As an independent company, Herc Rentals now has the financial and operational flexibility to pursue strategies that are specific to the equipment rental business.

“With focused resources, industry experience across the leadership team, premium products and services across a broad array of industries and end-use markets, and the support of our dedicated employees, we are positioned to provide even better service and overall value for our customers and to bring enhanced value to our shareholders.”