Office Depot to Sell Business in China as it Focuses on North American Operations
On June 2nd, Office Depot, which is headquartered in Boca Raton, Florida, announced that it had reached an agreement to sell its business in the People’s Republic of China to Shanghai M&G COLIPU Office Supplies Company for an undisclosed sum. Office Depot had previously reported that it intended to “sell substantially all of its international businesses under a process that began in 2016.”
The transaction is subject to regulatory approval and is expected to close within the next several months.
Shanghai M&G COLIPU Office Supplies is a subsidiary of Shanghai M&G Stationery INC., a China-based publicly traded company mainly engaged in the manufacture and sale of writing instruments and both student and office stationery.
“Reaching this agreement to sell our business in China is the final piece of our planned international divestitures. Our strategy going forward is to focus solely on the growth opportunities within our North American business,” said Office Depot CEO Gerry Smith.
In April, Office Depot completed the sale of its business in South Korea, and also said it plants to sell its businesses in Australia and New Zealand, while in January, it sold its business in Europe.
- February 2017: Office Depot Appoints Lenovo Executive Smith as New CEO
- May 2016: Staples, Office Depot Call Off Merger in Wake of U.S. District Court Ruling
- March 2016: Office Depot to Close 50 More Stores in the U.S.