Office Depot Completes Sale of Business in South Korea
April 26 2017 - 8:45AM
Business Wire
Office Depot, Inc. (NASDAQ: ODP) today announced that it has
closed on the sale of its business in South Korea to Excelsior
Capital Asia. Office Depot had previously disclosed its intention
to sell substantially all of its international businesses under a
process that began in 2016.
“This transaction follows on the recently announced agreement to
sell our businesses located in Australia and New Zealand,” said
Gerry Smith, chief executive officer for Office Depot. “We are now
one step closer to achieving our goal of divesting substantially
all of our international businesses in order to focus on the growth
opportunities available in the North American market.”
Excelsior Capital Asia, a Hong Kong and Korea based direct
investment firm, invests throughout Asia on behalf of major Korean
institutions, pension funds and private family offices.
About Office Depot, Inc.
Office Depot, Inc. is a leading provider of products, services,
and solutions for every workplace – whether your workplace is
an office, home, school or car.
The company had 2016 annual sales of approximately $11 billion,
employed approximately 38,000 associates, and served consumers and
businesses in North America and abroad with approximately 1,400
retail stores, award-winning e-commerce sites and a dedicated
business-to-business sales organization – with a global network of
wholly owned operations, franchisees, licensees and alliance
partners. The company operates under several banner brands
including Office Depot, OfficeMax and Grand & Toy. The
company’s portfolio of exclusive product brands include TUL, Foray,
Brenton Studio, Ativa, WorkPro, Realspace and Highmark.
Office Depot, Inc.’s common stock is listed on the NASDAQ Global
Select Market under the symbol “ODP.”
Office Depot is a trademark of The Office Club, Inc. OfficeMax
is a trademark of OMX, Inc. ©2017 Office Depot, Inc. All rights
reserved. Any other product or company names mentioned herein are
the trademarks of their respective owners.
FORWARD LOOKING STATEMENTS
This communication may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements or disclosures may discuss goals, intentions
and expectations as to future trends, plans, events, results of
operations, cash flow or financial condition, or state other
information relating to, among other things, Office Depot, based on
current beliefs and assumptions made by, and information currently
available to, management. Forward-looking statements generally will
be accompanied by words such as “anticipate,” “believe,” “plan,”
“could,” “estimate,” “expect,” “forecast,” “guidance,” “intend,”
“may,” “possible,” “potential,” “predict,” “project,” “propose” or
other similar words, phrases or expressions, or other variations of
such words. These forward-looking statements are subject to various
risks and uncertainties, many of which are outside of Office
Depot’s control. There can be no assurances that Office Depot will
realize these expectations or that these beliefs will prove
correct, and therefore investors and stockholders should not place
undue reliance on such statements.
Factors that could cause actual results to differ materially
from those in the forward-looking statements include, among other
things, impacts and risks related to the termination of the Staples
acquisition, disruption in key business activities or any impact on
Office Depot’s relationships with third parties as a result of the
announcement of the termination of the Staples Merger Agreement;
unanticipated changes in the markets for Office Depot’s business
segments; the inability to realize expected benefits from the
disposition of the European operations; fluctuations in currency
exchange rates, unanticipated downturns in business relationships
with customers or terms with the company’s suppliers; competitive
pressures on Office Depot’s sales and pricing; increases in the
cost of material, energy and other production costs, or unexpected
costs that cannot be recouped in product pricing; the introduction
of competing technology products and services; unexpected technical
or marketing difficulties; unexpected claims, charges, litigation,
dispute resolutions or settlement expenses; new laws, tariffs and
governmental regulations. The foregoing list of factors is not
exhaustive. Investors and stockholders should carefully consider
the foregoing factors and the other risks and uncertainties
described in Office Depot’s Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q filed with the Securities and
Exchange Commission. Office Depot does not assume any obligation to
update or revise any forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20170426005769/en/
Office Depot, Inc.Richard Leland, 561-438-3796Investor
RelationsRichard.Leland@officedepot.comorKaren Denning,
630-438-7445Media RelationsKaren.Denning@officedepot.com
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