United Rentals, Inc. (NYSE: URI) is the largest equipment rental company in North America, with about 11 percent of the region's market share. It owns the largest rental fleet in the world, has a workforce of over 13,500 employees, and operates 968 locations across 49 U.S. states and 10 Canadian provinces. In 2016, United Rentals' revenue totaled more than $5.7 billion, with over $2.6 billion in profit. It is ranked #452 on the Fortune 500.
URI was founded in 1997 by Bradley Jacobs and grew primarily through acquisition. It offers general, aerial, and specialty rentals to a customer base that includes construction and industrial companies; utilities; municipalities; and homeowners. In addition to rentals, the company offers new and used equipment sales, servicing, and safety training.
United Rentals is currently led by Michael J. Kneeland (President & CEO) and William B. Plummer (Executive Vice President & CFO). It is headquartered in Stamford, Connecticut.
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Operations
United Rentals is primarily a provider of construction and industrial equipment: trucks, forklifts, earth movers, compressors, aerial work platforms, homeowner equipment, and similar devices. Together, these are considered general and aerial rentals, and they make up the bulk of URI's rental fleet and customer base.
The company also rents equipment in four specialty fields:
- Trench safety includes excavation in confined spaces, underground construction, and the training necessary to safely handle such equipment.
- Power & HVAC includes temporary power generators and mobile climate control. These devices are often used during commercial renovations, on television and movie sets, or in response to natural disasters.
- Tool solutions involve renting out trailers stocked with tools and supplies. They are often used at large constructions sites or during refinery shutdowns.
- Pump solutions include the devices and supplies necessary for transferring or removing liquids. They tend to have applications in mining and agriculture.
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History
United Rentals was founded in September 1997. Then-chairman and CEO Bradley Jacobs planned to grow the company through acquisition and consolidation, beginning in October 1997 with six small leasing companies scattered across North America.
In December 1997, three months after forming, United Rentals began trading on the New York Stock Exchange under the symbol URI.
In June 1998, it acquired U.S. Rentals, Inc., for a sum variously reported as $1.2 billion and $1.31 billion. The acquisition made United Rentals the largest equipment rental company in North America.
On December 26, 2006, United Rentals announced the sale of their Highway Technology division to HTS Acquisition, Inc.
On July 23, 2007, United Rentals announced a definitive agreement to sell itself to Cerberus Capital Management in a transaction valued at approximately $6.6 billion, including the assumption of approximately $2.6 billion in debt obligations. URI's board of directors approved the merger agreement and recommended that stockholders do the same.
On November 15, 2007, the company announced that Cerberus was not prepared to proceed with the purchase on the terms set forth in its merger agreement. Cerberus confirmed that there had not been a material adverse change at United Rentals, which would have let it bow out of the deal without penalty. On December 21, 2007, a Delaware Chancery Court ruling denied United Rentals' attempt to force Cerberus to follow through on the takeover bid. However, the court did order Cerberus to pay the $100 million termination fee stipulated in the original agreement.
On December 16, 2011, United Rentals and RSC Holdings, Inc. announced that they had entered into a definitive merger agreement, under which United Rentals would acquire RSC in a cash-and-stock transaction. The merger was finalized on April 30, 2012, boosting URI to what was at the time a 13 percent market share of the equipment rental industry.
In 2013, United Rentals moved its headquarters from Greenwich, Connecticut to Stamford, Connecticut.
On March 9, 2014, the company announced plans to acquire National Pump for $780 million. This made United Rentals the second-largest pump rental company in North America.
In June 2014, United Rentals was first listed on the Fortune 500. Based on its 2013 revenues of $4.955 billion, the company was ranked exactly 500th. It had previously made it as high as 517 in 2002, before falling back down.
On September 19, 2014, URI was added to the S&P 500 Index.
On January 25, 2017, United Rentals announced the purchase of NES Rentals, a competing general equipment rentals company, for approximately $965 million. It completed the acquisition on April 3, 2017.
On October 2, 2017, United Rentals announced it had completed the acquisition of Neff Corporation for approximately $1.3 billion. In the transaction, United Rentals acquired approximately $867 million in equipment (based on original equipment cost) and Neff's 69 rental facility locations in the United States.
Selected awards and recognition
- 2017: National Diversity Excellence Award, ABC Diversity
- 2016: U.S. Veterans Magazine Top Veteran-Friendly Companies
- 2015: WE-USA 100 Corporations of the Year
Source of the article : Wikipedia
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