United Rentals targets industrial sector with acquisition in Texas
By Murray Pollok06 October 2008
United said that U-Rent-It, which was founded in 1977 and has three branches, has benefited from rapid growth in the past year resulting from increased demand from energy-related customers, such as refineries in the Gulf region.
Michael Kneeland, chief executive officer of United Rentals, said, "The acquisition of U-Rent-It is consistent with our strategic focus on the industrial marketplace. We are actively pursuing growth in industrial rentals, where our depth of resources and branch footprint can give us a competitive advantage.
"Moreover, industrial rentals are subject to different cyclical pressures than the construction market, where we are seeing demand continue to soften as spending is curtailed."