Office Depot, Inc. (NYSE: ODP), a leading global provider
of office products, services, and solutions formed by the
merger of Office Depot and OfficeMax, today announced that it has
chosen Boca Raton, Fla. for its global headquarters.
The decision is the result of a thorough evaluation that took
into account a number of important factors, including the cost to
operate each headquarters location, lease obligations and sublease
considerations, tax implications, government incentives, ability to
add associates and incorporate functions in the current space, and
people-related costs.
“Selecting the headquarters location is a critical step toward
integrating our two companies,” said Roland Smith, Chairman and
CEO, Office Depot, Inc. “Both Florida and Illinois have many
positive attributes, but our analysis concluded that Boca Raton
provides the best platform for us to achieve planned synergies,
leverage assets to drive improved profitability, and launch a
compelling vision for the future.
“We appreciate the significant efforts from legislators in
Illinois and the generous support we have received from the State
of Florida, Palm Beach County, and City of Boca Raton,” Smith
added. “We would like to thank Florida Governor Rick Scott,
Illinois Governor Pat Quinn and the countless others involved in
providing the information necessary for us to make this important
decision.”
The Company will remain in its current 625,000-square-foot
corporate campus located at 6600 North Military Trail in Boca
Raton, which has ample space to accommodate associates who will
relocate from Illinois.
“With the location of our headquarters now decided, we will
quickly move forward to build a world class leadership team and
organization focused on exceeding the expectations of consumers and
businesses, becoming a more appealing partner to our vendors, and
driving value for our shareholders,” Smith said. “To do that, we
will select the best talent available from both locations.”
Office Depot, Inc. will maintain a presence in Naperville
throughout the headquarters transition and accompanying integration
activities.
Office Depot and OfficeMax retail store locations, customer
service centers, warehouses and distribution centers are not
affected by the selection of the headquarters location.
About Office Depot, Inc.
Formed by the merger of Office Depot and OfficeMax, Office
Depot, Inc. is a leading global provider of products, services, and
solutions for every workplace – whether your workplace is an
office, home, school, or car.
Office Depot, Inc. is a resource and a catalyst to help
customers work better. We are a single source for everything
customers need to be more productive, including the latest
technology, core office supplies, print and document services,
business services, facilities products, furniture, and school
essentials.
The company has combined annual sales of approximately $17
billion, employs about 66,000 associates, and serves consumers and
businesses in 59 countries with more than 2,200 retail stores,
award-winning e-commerce sites and a dedicated business-to-business
sales organization – all delivered through a global network of
wholly owned operations, joint ventures, franchisees, licensees and
alliance partners. The company’s portfolio of leading brands
includes Office Depot, OfficeMax, OfficeMax Grand & Toy,
Viking, Ativa, TUL, Foray, and DiVOGA.
Office Depot, Inc.’s common stock is listed on the New York
Stock Exchange under the symbol ODP. Additional press information
can be found at: http://news.officedepot.com.
Additional information about the recently completed merger of
Office Depot and OfficeMax can be found
at http://officedepotmaxmerger.com.
All trademarks, service marks and trade names of Office Depot,
Inc. and OfficeMax Incorporated used herein are trademarks or
registered trademarks of Office Depot, Inc. and OfficeMax
Incorporated, respectively. 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 or financial condition, or state other information
relating to, among other things, the Company, the merger and other
transactions contemplated by the merger agreement, 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 the Company’s
control. There can be no assurances that the Company will realize
these expectations or that these beliefs will prove correct, and
therefore investors and shareholders 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 adverse
regulatory decisions; the risks that the combined company will not
realize the estimated accretive effects of the merger or the
estimated cost savings and synergies; the businesses of Office
Depot and OfficeMax may not be integrated successfully or such
integration may take longer, be more difficult, time-consuming or
costly to accomplish than expected; the business disruption
following the merger, including adverse effects on employee
retention; the combined company’s ability to maintain its long-term
credit rating; unanticipated changes in the markets for the
combined company’s business segments; unanticipated downturns in
business relationships with customers; competitive pressures on the
combined company’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 technologies; unexpected technical or marketing
difficulties; unexpected claims, charges, litigation or dispute
resolutions; new laws and governmental regulations. The foregoing
list of factors is not exhaustive. Investors and shareholders
should carefully consider the foregoing factors and the other risks
and uncertainties described in Office Depot’s and OfficeMax’s
Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q
filed with the Securities and Exchange Commission. The combined
company does not assume any obligation to update or revise any
forward-looking statements.
Office Depot, Inc.Brian Levine, 561-438-2895Media
RelationsBrian.Levine@officedepot.comorRich Leland,
561-438-3796Investor RelationsRichard.Leland@officedepot.comorKaren
Denning, 630-864-6050Media
Relationskarendenning@officemax.comorMike Steele,
630-864-6826Investor Relationsmichaelsteele@officemax.com
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