PARK RIDGE, N.J. — Car rental company Hertz Global Holdings Inc. on Friday said it plans to eliminate another 480 jobs during the second quarter as part of an ongoing restructuring plan.
The affected positions will be in the company's U.S. car and equipment rental operations, as well as in its Oklahoma City service center. The action is expected to result in about $24 million of annualized savings.
Hertz, the world's biggest general use car rental brand, said it expects to incur an $8 million to $10 million charge during the second quarter in one-time severance costs and ongoing restructuring activities.
Earlier this year, Hertz said it was laying off 1,550 workers, in moves expected to result in annualized savings of about $140 million. The company took a $32.6 million restructuring charge for those actions in the first quarter.
By the end of the fourth quarter, Hertz expects to begin cost-cutting initiatives in Europe that are expected to result in another $50 million in savings.
Shares of Hertz dropped 54 cents or 2.4 percent, in aftermarket activity after gaining $1.31, or 6.2 percent, to end the regular trading session at $22.49. The company's stock has traded between $14.55 and $24.94 since going public in November.
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