Hertz is relocating its worldwide headquarters to Estero from New Jersey. Governor Rick Scott and the company’s Chairman and Chief Executive Officer made the announcement today in front of the Hertz rental counter at Southwest Florida International Airport.
It’s the culmination of months of secret negotiations with the state and Lee County Economic Development office. Hertz is the Fortune 300 Company that will get $19 million in incentives from the State and Lee County, more than $14 million from the state and nearly $5 million from Lee County, as long as it meets certain criteria by certain deadlines. Chairman and CEO Mark Frissora said they will be good neighbors.
“We will validate your sound judgment. We will be good corporate citizens, community partners and neighbors. At Hertz we take our corporate social responsibility seriously. This is now our home too,” said Frissora.
He said Hertz will relocate up to 700 jobs with an average salary of $102,000 starting later this year to a temporary location, likely in North Naples. Frissora said his senior team will move immediately. Hertz has 14 executive officers and 10 people on its Board of Directors according to its annual report. The move will be complete in 2015, along with their new building at the corner of US 41 and Williams Road in Estero.
Governor Rick Scott beamed as he talked about how Florida has had an economic turnaround in the past two years.
“And we all want more jobs especially in our own community we want a lot more jobs,” said Scott. “Whether you’re talking about everybody coming to our amusement parks or all the international travelers from Latin American coming into Miami airport so this is going to be a great place for Hertz to expand and be very close to their customers and do all the innovative things that Hertz is doing. It’s a great company. It’s a real honor to be the Governor while they move here. And I hope this is one of many that follow Hertz lead to come to our great state,” he said.
Six months ago Hertz acquired Dollar Thrifty Automotive Group. Hertz’s annual report says it had $7.6 billion in car rental income in 2012. It has about 40,000 employees, at more than 10,000 locations in 150 countries. And Frissora said it is poised for growth.
“You know the company’s growing this year at a rate of about 23 percent,” said Frissora. “We’ll be double digits for as long as I’m here in terms of growth and the way I look at it that just means more jobs in Florida.”
So even though the 700 jobs coming from New Jersey are not necessarily jobs unemployed southwest Floridians can fill, there is hope for future job creation. And Lee County Commissioner Cecil Pendergrass said there will be a huge impact from having that many people moving to the area.
“Their payroll alone is going to put 70 million dollars a year cash back into our local economy,” said Pendergrass. “It’s going to be circulated through schools, gas, food, clothing, private schools, whatever they decide to spend it on that’s going to go back in our local economy.”
And Pendergrass pointed out that when Hertz spends $68 million to build its worldwide headquarters here the construction, too, will stimulate the economy.
At 3000, Hertz and Dollar Thrifty already have more employees in Florida than in any other state except California. Florida rents more cars per capita than any other state.
See article in FloridaWatchdog.org: "Hertz gets golden deal in Sunshine State"