Office Depot (NYSE:ODP), a leading global provider of office
products and services, today announced that it has entered into a
definitive agreement to acquire a controlling interest in AsiaEC, one
of the largest dealers of office products and services in China.
Financial terms of the acquisition were not disclosed.
AsiaEC 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. AsiaEC's customer offerings
include office supplies, technology, furniture, custom printing and
promotional items, and business services.
"AsiaEC 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 AsiaEC 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
AsiaEC. "Combining Office Depot's multi-channel sales expertise with
AsiaEC's proven, scalable business infrastructure will give customers
throughout China an even wider array of solutions."
AsiaEC will operate under the Office Depot International Division.
Liu will report to Teddy Chung, Senior Vice President & Managing
Director, Asia.
About Office Depot
Office Depot provides more office products and services to more
customers in more countries than any other company.
Incorporated in 1986 and headquartered in Delray Beach, Fla.,
Office Depot has annual sales of nearly $15 billion, and employs
approximately 50,000 associates around the world. Currently, the
Company sells to customers in 36 countries, and has affiliates in
another five.
Office Depot is a leader in every distribution channel -- from
retail stores and contract delivery to catalogs and e-commerce. As of
July 1, 2006, Office Depot had 1,071 retail stores in North America as
well as stores that are either company-owned, licensed or franchised
in other parts of the world. Office Depot serves a wide range of
customers through a dedicated sales force, telephone account managers,
direct mail offerings, and multiple web sites. With over $3.8 billion
in online sales, the Company is also one of the world's largest
e-commerce retailers.
Office Depot's common stock is listed on the New York Stock
Exchange under the symbol ODP and is included in the S&P 500 Index.
Additional press information can be found at:
http://mediarelations.officedepot.com.
