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Office Depot Expands Retail to South Korea
By Home Furnishings Business in on February 2006
Office Depot has acquired controlling interest in Best Office Co. Ltd., one of the top office supply companies in South Korea.
Best Office, which has annual revenues of more than $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 chief executive officer 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."
Jang-Duk Sun, president and chief executive officer of Best Office, said the new relationship will allow us to further differentiate their business from the competition by offering customers more value and unique assortments.
The transaction is subject to normal regulatory approvals.