Car rental company cites fall in demand
Hertz, the world's largest car rental company, is to slash 4,000 jobs worldwide.
The New Jersey-based company blamed a fall in demand for rentals.
The company said the cuts would be in the car and equipment rentals and the corporate and support areas.
They would be in "all geographies" with the stress on eliminating "non-customer facing jobs."
Hertz said the job cuts would bring annual savings of $150m-$170m in 2009.
But it said it expected the cuts to cost it up to $25m in the last quarter of 2008.
When the cuts are implemented, Hertz's workforce will be 32% smaller than it was in August 2006.
The company announced an earlier range of job cuts last November which took 22% off the workforce compared to August 2006.
Hertz currently operates in 8,100 locations in 144 countries.
Mark Frissora, Hertz's chairman and ceo, said: "Volume, pricing and residual values continued to decline during the most recently completed quarter, and we cannot predict when our markets will improve.
"As a result, we continue to take aggressive action to align our costs, including wage and benefit expenses, with business conditions.
"Our actions will help ensure the company remains financially strong."
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