BOCA RATON, Fla. & NAPERVILLE, Ill.--(BUSINESS WIRE)--Dec. 10, 2013--
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
“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
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
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.
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
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
Source: Office Depot, Inc.
Office Depot, Inc.
Brian Levine, 561-438-2895