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Boise Completes OfficeMax Merger –
Boise Cascade Corporation announced that it has completed the acquisition of OfficeMax, Inc. The acquisition of OfficeMax more than doubles the size of Boise Office Solutions to pro forma 2002 sales of $8.3 billion. Boise anticipates that synergy benefits from the acquisition will reach an annual amount of $160 million: $100 million in 2004, $150 million in 2005, and $160 million in 2006.“Our acquisition of OfficeMax represents a major step in the transformation of Boise’s office products distribution business and Boise as a whole,” said George J. Harad, chairman and chief executive officer. “The combined office products business will be strategically stronger and better able to deliver compelling value to its customers through all channels and across all segments of the market.”
Boise Office Solutions will operate in the United States under the brand names OfficeMax in the retail segment and Boise Office Solutions in the contract segment. Over time, the businesses will be brought together under the OfficeMax brand.
Boise also announced today that Chris Milliken will be division president and CEO of the combined office products business, Boise Office Solutions, reporting to Boise Cascade Corporation Chairman and CEO George Harad. Retail operations will be managed in Shaker Heights, Ohio, by Gary Peterson, former president and chief operating officer of OfficeMax, who will become president – retail And report to Chris Milliken.
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