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GREENWICH, Conn. – The board of directors at United Rentals, one of the world’s largest equipment rental companies, has undergone some changes this month. The company announced the appointment of Jason Papastavrou to the board earlier this month, followed by news yesterday that Ronald DeFeo has resigned from the board.
DeFeo, who is chairman and chief executive officer of Terex Corp., a major supplier to United Rentals, indicated that he was resigning to avoid potential conflicts of interest.
| UNITED RENTALS ACQUIRES HSS RENTX COLORADO BRANCHES |
GREENWICH, Conn. – United Rentals, announced June 22 that it has acquired all remaining HSS RentX branch locations in Colorado. HSS RentX, the American operation of British-based rental company HSS Hire Service Group, has a total of 14 operating rental locations in the state. Total revenues of the acquired branches were approximately $9 million for the last 12 months. Robert Krause, vice president-northwest region for United Rentals, said, "With the acquisition of the HSS RentX branch network in Colorado, we have more than doubled our footprint in a vibrant construction market and substantially expanded our service to customers in this state. Colorado's thriving economy and long-term construction forecast support strong demand for our equipment rentals, new equipment sales and contractor supplies." |
Bradly Jacobs, chairman of United Rentals, said “I would like to thank Ron for his service as a director over the past eight years. His knowledge of our industry and various contributions to our board have been greatly appreciated.”
United Rentals’ board now has 12 members, including Papastavrou who has served as chief executive officer and chief investment officer of ARIS Capital Management since founding the company in 2004. He previously held senior positions at Banc of America Capital Management, Fund of Hedge Fund Strategies and Deutsche Asset Management. Dr. Papastavrou holds a PhD in electrical engineering and computer science from the Massachusetts Institute of Techology and taught at Purdue University School of Industrial Engineering from 1990 to 1999 and is the author of numerous academic publications.
“We are delighted to welcome Jason to our board of directors and look forward to benefiting from his expertise,” Jacobs said.
In other news from United Rentals, the company has opened three new branches in June, staying on track with a goal of opening 30 to 35 branches in 2005. The first opened June 14 in Ormy, Texas. The 7,000-square-foot facility will serve customers throughout Bexar County with equipment rentals, new and used equipment sales, repair and maintenance services and a comprehensive line of contractor supplies.
“Von Ormy is a thriving city south of San Antonio and home to many of the industries that drive our economy, including agriculture and automobile manufacturing,” said Branch Manager Clarence Jackson. “As a one-stop source for equipment rentals, supplies and service, we are ideally situated to deliver added convenience to contractors and construction companies.”
Following the opening of the Von Ormy location, United Rentals opened a second facility in Texas on June 17 with an aerial equipment branch in Round Rock. The 11,000-square-foot facility will provide Austin, Texas-area customers with aerial work platforms, as well as forklifts, scaffolding and related equipment for commercial and industrual construction. “The private sector has pledged $1.56 million to promote the city of Round Rock’s economic development,” said Branch Manager Rob Slivinski. “United Rentals is pleased to be a part of that growth.”
Most recently, United Rentals headed to the big city opening a third location in New York, N.Y. on June 20. The new branch services construction companies, commercial contractors, building superintendents, maintenance personnel and area residents.
“This third Manhattan branch provides the opportunity for us to participate in the growing New York City rental market,” said John Humphrey, district manager for United Rentals. “We are excited to expand our presence in the metropolitan area.” The 2nd Avenue facility offers customers the one-stop convenience of equipment rentals, new equipment sales and repair and maintenance services, as well as more than 1,500 different contractor supplies, including saw blades, power tools and safety gear.
For more information on United Rentals, visit www.unitedrentals.com.