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Headline: Boise completes OfficeMax acquisition
10 December 2003 – Boise (ID): Boise Cascade has completed its $1.3 billion acquisition of OfficeMax. The Deal finally went through last night following the approval of ‘Max shareholders at a special meeting.
Boise’s chairman/CEO George Harad said: “Our acquisition of OfficeMax represents a major step in the transformation of Boise’s office products distribution business and Boise as a whole. We are combining forces to seize a unique growth opportunity for our distribution business and to strengthen our competitive position.”
The new management structure was also announced. Boise Office Solutions (BOS) president/CEO Chris Milliken will assume overall control of the newly combined unit, reporting directly to Harad, while retail operations will be managed by former ’Max president/COO Gary Peterson.
Other senior management positions announced for the combined office products operations include: Harold Mulet, EVP of retail stores; Michael Rowsey, president of contract; Kenneth Cupp, SVP of contract sales; Ryan Vero, EVP of merchandising; David Goudge, EVP of marketing; Carol Moerdyk, SVP of administration; Lorene Flewellen, SVP of human resources; Thomas Carlile, interim CFO; Jim Balkins, SVP of integration; and Gary Massel, SVP of contract logistics.
BOS will operate in the USA 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.
The acquisition of OfficeMax more than doubles the size of BOS 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.
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