PARK RIDGE, N.J. (AP) — Hertz will move its headquarters from New Jersey to Florida, putting the company in the heart of a key travel market and trimming corporate expenses after its $2.3 billion buyout of one-time rival, Dollar Thrifty.
Up to 700 jobs will shift to Florida over a two-year period, the company said Tuesday. More than 2,000 Hertz and Dollar Thrifty workers will stay in New Jersey, including about 150 employees from the current headquarters in Park Ridge. All other Park Ridge workers will keep their current positions at the new headquarters in Estero, Fla., just north of Naples on the Gulf Coast.
Enterprise Florida, the state's economic development arm, said the state and local communities crafted a package of incentives worth more than $19 million to attract Hertz to Florida. Florida Power & Light, the state's largest utility, also agreed to rate reductions over a four-year period that will save Hertz about $125,000.
"Florida is the center of the U.S. travel and tourism industry," Hertz chairman and CEO Mark P. Frissora said. "This move enables us to be closer to leisure and business customers, as well as many travel and association partners."