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Electro Rent Corporation (NASDAQ:ELRC) announced today that it was honored as a Frost & Sullivan 2012 Company of the Year in recognition of the company’s achievements in the North American rental, used and new test equipment market. The award was presented at the Frost & Sullivan North American Excellence in Best Practices Awards Banquet yesterday evening at the Loews Coronado Bay hotel in San Diego.
According to Frost & Sullivan, Electro Rent received the honor because of its substantial growth in the United States and admirable progress in Canada, despite challenging market conditions across North America. In bestowing the award, Frost & Sullivan called out the strength in Electro Rent’s rental business and strategy, noting the company’s superior product availability and historically high equipment utilization rates, even as its equipment pool has grown significantly.
“The strong customer focus on return on invested capital that made renting a more natural alternative for customers, was an opportunity that Electro Rent leveraged to the maximum," said Frost & Sullivan Industry Director Jessy Cavazos. “The company's growth over the past two years is the result of significant risk-taking, both in investing toward its rental inventory and taking on the responsibility to sell new test equipment.”
In addition to achievements in the rental market, Frost & Sullivan said that Electro Rent has been very successful in selling new equipment, driven in part by the company’s role as the sole Authorized Technology Partner for Agilent Technologies in North America, through which Electro Rent is responsible for selling Agilent’s product line to small- and medium-sized accounts in the United States and Canada.
“Over the last several years, we have considerably strengthened our marketplace position by offering a wide array of equipment acquisition alternatives to customers around the world,” said Daniel Greenberg, CEO of Electro Rent. “As we continuously enhance and diversify our product and service offerings, we will be even better equipped to meet customers’ requirements through what we consider to be the industry’s most robust equipment inventory and most experienced and talented sales and support team.”