11/29/06
Office Depot announced that it has entered into a
definitive agreement to acquire a controlling interest in Office Depot China,
one of the largest dealers of office products and services in China. Financial
terms of the acquisition were not disclosed. Office Depot China is headquartered
in Beijing and has offices in Shanghai, Guangzhou, and Shenzhen. The company
has 500 employees supporting its contract sales, direct mail, and internet
businesses, and currently operates in the four markets listed above. Office
Depot China's customer offerings include office supplies, technology, furniture,
custom printing and promotional items, and business services.
"Office Depot China is a leader in delivering a wide range of products
and services to businesses, including to multinational corporations operating
in China," said Charles Brown, President, Office Depot International.
"This acquisition gives Office Depot a significant presence in the
fast growing Chinese market, and allows us to further leverage our operations
in Japan and South Korea to enhance our competitive position within this
increasingly important region."
"Both Office Depot China and Office Depot are committed to a customer-centric
framework that delivers the products and services businesses need to be
successful in the marketplace," said Tim Liu, a Founder and CEO of
Office Depot China. "Combining Office Depot's multi-channel sales expertise
with Office Depot China's proven, scalable business infrastructure will
give customers throughout China an even wider array of solutions."
Office Depot China will operate under the Office Depot International Division.
Liu will report to Teddy Chung, Senior Vice President & Managing Director,
Asia. |
