The Hertz Corp. today announced that the company will relocate its worldwide headquarters to Estero, Fla., from Park Ridge, N.J. Hertz made the decision following its recent acquisition of the Dollar Thrifty Automotive Group, which was finalized on Nov. 19, 2012.

Dollar Thrifty is currently headquartered in Tulsa, Okla. Consolidating the corporate offices to one location will allow for increased efficiencies and cost synergies across the company, the company said.

Starting this year, up to 700 jobs will be relocated to Florida over a two-year period. More than 2,000 Hertz and Dollar Thrifty personnel will remain in New Jersey, including approximately 150 employees who currently work in Park Ridge. All other Park Ridge employees will be able to retain their current positions at the new headquarters, scheduled to be completed in early 2015. Hertz was founded in Chicago in 1918, and moved its headquarters to New Jersey from midtown Manhattan in 1988.

"After our recent business expansion, we have been looking for the right location to blend Hertz and Dollar Thrifty head office employees," said Hertz Chairman and Chief Executive Officer Mark P. Frissora. "Florida is the center of the U.S. travel and tourism industry - this move enables us to be closer to leisure and business customers, as well as many travel and association partners. As part of this move, we will open off-airport and retail car sales stores on our headquarters campus, which will enable us to experiment with new services and monitor customer satisfaction first hand."

Hertz and Dollar Thrifty have more employees in Florida than in any other state, except California, and Florida rents more cars per capita than any other state.

Frissora added, "This is the best, most balanced business decision based on market factors as well as the needs of our employees and customers. … Additionally, in no way should this decision be perceived as a slight to our partners in New Jersey and Oklahoma. We recognize the significant efforts undertaken in recent years in both states to create and retain jobs, while improving the overall business climate."