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Depot takes control of South Korean firm
February
2006 – Seoul : Office Depot has acquired a controlling interest in Best
Office Co, one of the largest office supply companies in South Korea.
Best
Office, which has annual revenues exceeding $44 million, operates a
network of more than 70 franchised and company-owned retail stores,
along with a complementary delivery sales business.
“This
transaction strengthens Office Depot’s global presence in a rapidly
growing area of the world,” said Steve Odland, chairman and CEO of
Office Depot. “Our investment in Best Office, with its demonstrated
history of sustainable and profitable growth, not only allows us to
continue our geographic expansion, but extends our ability to deliver
innovative products and services to customers of all sizes in the South
Korean market.”
“Office Depot is one of the world’s best
multichannel providers of office supplies and services,” added Jang-Duk
Sun, president/CEO of Best Office. “This new relationship will allow us
to further differentiate our business from the competition by offering
our
customers more value and unique assortments.”
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