FTC approves Hertz, Dollar Thrifty merger
By ROBERT EVATT World Staff Writer on Jul 11, 2013, at 11:15 AM Updated on 7/11/13 at 12:57 PM
A Hertz employee helps a customer at Tulsa International Airport back in August. MATT BARNARD/Tulsa World File
Transportation
As automakers race to make cheaper electric cars with greater battery range, General Motors is working on one that can go 200 miles per charge at a cost of about $30,000, a top company executive said Monday.
BNSF Railway Co. announced Monday it is spending $125 million to expand and improve its system in Oklahoma. Projects will include a new bypass connection at the Cherokee rail yard in west Tulsa and extending a siding area on the carrier's tracks near Mannford.
Hertz Global Holdings Inc. announced that the Federal Trade Commission has issued a final consent order approving their acquisition of Tulsa-based Dollar Thrifty Automotive Group.
Hertz Corp., the world's second largest car rental chain, purchased Dollar Thrifty Automotive Group in November in a $2.3 billion deal.
Hertz, based in Park Ridge, N.J., announced in May that it was moving its corporate headquarters to Ostero, Fla., and building a 300,000-square-foot facility there by 2015.
In a press release, Mark P. Frissora, Hertz chairman and CEO, said the company was pleased that the FTC officially concluded its review of the merger.
"Throughout this process we have worked closely with the agency, and the result has been a transaction that we believe will benefit our customers and shareholders for years to come," he said.
The merger came after a two-year battle for Dollar Thrifty between Hertz and competitor Avis Budget Group.
Before the merger, Dollar Thrifty was the fourth-largest car rental company.
Hertz began laying off Tulsa-based Dollar Thrifty employees last month to eliminate redundancies caused by the merger, although the company did not indicate how many employees would be released or be moved to Hertz’s Florida headquarters.
Before the layoff announcements, Dollar Thrifty employed 600 at the Tulsa headquarters.
Dollar Thrifty has been headquartered in Tulsa since 1997 when it was founded as the successor to Pentastar Transportation Group Inc.
Hertz has about 24,000 employees worldwide, and Dollar Thrifty had 6,000 as of the June layoff announcements.
Transportation
As automakers race to make cheaper electric cars with greater battery range, General Motors is working on one that can go 200 miles per charge at a cost of about $30,000, a top company executive said Monday.
BNSF Railway Co. announced Monday it is spending $125 million to expand and improve its system in Oklahoma. Projects will include a new bypass connection at the Cherokee rail yard in west Tulsa and extending a siding area on the carrier's tracks near Mannford.
