United Rentals to Acquire Ontario Laser in Canada
Greenwich, CT - Aug 14, 2011
United Rentals, Inc. (NYSE:URI) today announced that United Rentals of Canada, Inc., a wholly-owned subsidiary of the company, has entered into a definitive purchase agreement to acquire the business and substantially all of the assets of Ontario Laser Rentals Ltd., a leader in trench safety equipment rentals in the province of Ontario. Completion of the acquisition is subject to the satisfaction or waiver of certain conditions contained in the agreement.
Ontario Laser, with two locations in Ontario, has operated for approximately 40 years and recently expanded to Montreal. The company rents a wide range of trench safety systems and heavy equipment related to underground construction, including excavators, slide rails, trench boxes and road plates.
Paul McDonnell, senior vice president, United Rentals Trench Safety, Power & HVAC, said, “The acquisition of Ontario Laser is an important expansion of our trench safety leadership position in North America. Ontario Laser is an excellent strategic fit for us, both in terms of its market base and its alignment with our cooperative approach to customer service.”
About United Rentals
United Rentals, Inc. is the largest equipment rental company in the world, with an integrated network of 539 rental locations in 48 states and 10 Canadian provinces. The company’s approximately 7,300 employees serve construction and industrial customers, utilities, municipalities, homeowners and others. The company offers for rent approximately 2,900 classes of equipment with a total original cost of $4.18 billion. United Rentals is a member of the Standard & Poor’s MidCap 400 Index and the Russell 2000 Index® and is headquartered in Greenwich, Conn. Additional information is available at unitedrentals.com.
This press release contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding completion and anticipated benefits of the transaction and other statements identified by words such as “may,” “will,” “intend,” “estimate,” “should,” “expect” or similar expressions. These statements are based on the current expectations and beliefs of management, and are subject to uncertainty and changes in circumstances, including, but not limited to, the satisfaction of closing conditions, our ability to timely and successfully integrate Ontario Laser’s operations into our operations, and the parties' performance of their obligations under the purchase agreement. Any forward-looking information is not a guarantee of future performance and actual results may vary materially from those expressed or implied by the statements herein, due to changes in economic, business, competitive, technological, strategic and/or regulatory factors, as well as factors affecting our combined operations and businesses. For a more complete description of these and other possible risks and uncertainties as such risks and uncertainties relate to United Rentals, please refer to our Annual Report on Form 10-K for the year ended December 31, 2010, as well as to our subsequent filings with the SEC. Our forward-looking statements contained herein speak only as of the date hereof, and we make no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations.
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