Hertz Acquires Remaining Stake in Navigation Solutions

Discussion in 'Hertz | #1 Awards/#1 Club' started by sobore, Jan 18, 2012.

  1. sobore
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    sobore Gold Member

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    (NYSE: HTZ) announced today that it has acquired, from Thales Navigation, the remaining 35% stake in Navigation Solutions, the operational arm of Hertz's award winning NeverLost customized, in car GPS system. Navigation Solutions will become a wholly-owned subsidiary of The Hertz Corporation.

    "NeverLost's GPS-based technology and customized travel content package has been an instrumental element of our strategy to differentiate the car rental experience and it will play a significant, strategic role in the future of car rental as we envision it. Now, coupled with our proprietary Eileo car sharing technology, NeverLost will enable Hertz to transform customer service by creating an unparalleled in-car rental experience," commented Mark P. Frissora, Hertz Chairman and Chief Executive Officer. "For well over a decade, including 2011, NeverLost revenues have grown solidly and generated strong profit margins. While Navigation Solution revenues are already fully reflected in our consolidated results, the acquisition will be accretive to earnings in 2012."
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