FL: Office Depot Locates New Global HQ in Boca Raton
11 Dec, 2013
Office Depot, Inc., a leading global provider of office products, services, and solutions formed by the merger of Office Depot and OfficeMax, announced it has chosen Boca Raton, Florida, for its global headquarters.
The decision is the result of a thorough evaluation that took into account a number of important factors, including the cost to operate each headquarters location, lease obligations and sublease considerations, tax implications, government incentives, ability to add associates and incorporate functions in the current space, and people-related costs.
“Selecting the headquarters location is a critical step toward integrating our two companies,” said Roland Smith, chairman and CEO, Office Depot, Inc. “Both Florida and Illinois have many positive attributes, but our analysis concluded that Boca Raton provides the best platform for us to achieve planned synergies, leverage assets to drive improved profitability, and launch a compelling vision for the future.
“We appreciate the significant efforts from legislators in Illinois and the generous support we have received from the State of Florida, Palm Beach County, and City of Boca Raton,” Smith added. “We would like to thank Florida Governor Rick Scott, Illinois Governor Pat Quinn and the countless others involved in providing the information necessary for us to make this important decision.”
The Company will remain in its current 625,000 square-foot corporate campus located at 6600 North Military Trail in Boca Raton, which has ample space to accommodate associates who will relocate from Illinois.
“With the location of our headquarters now decided, we will quickly move forward to build a world class leadership team and organization focused on exceeding the expectations of consumers and businesses, becoming a more appealing partner to our vendors, and driving value for our shareholders,” Smith said. “To do that, we will select the best talent available from both locations.”
Office Depot, Inc. will maintain a presence in Naperville throughout the headquarters transition and accompanying integration activities.
Office Depot and OfficeMax retail store locations, customer service centers, warehouses and distribution centers are not affected by the selection of the headquarters location.
About Office Depot, Inc.
Formed by the merger of Office Depot and OfficeMax, Office Depot, Inc. is a leading global provider of products, services, and solutions for every workplace – whether your workplace is an office, home, school, or car.
Office Depot, Inc. is a resource and a catalyst to help customers work better. We are a single source for everything customers need to be more productive, including the latest technology, core office supplies, print and document services, business services, facilities products, furniture, and school essentials.
The company has combined annual sales of approximately $17 billion, employs about 66,000 associates, and serves consumers and businesses in 59 countries with more than 2,200 retail stores, award-winning e-commerce sites and a dedicated business-to-business sales organization – all delivered through a global network of wholly owned operations, joint ventures, franchisees, licensees and alliance partners. The company’s portfolio of leading brands includes Office Depot, OfficeMax, OfficeMax Grand & Toy, Viking, Ativa, TUL, Foray, and DiVOGA.
Office Depot, Inc.’s common stock is listed on the New York Stock Exchange under the symbol ODP. Additional press information can be found at: http://news.officedepot.com.
Additional information about the recently completed merger of Office Depot and OfficeMax can be found at http://officedepotmaxmerger.com.
Governor Rick Scott Reacts to Announcement
Florida Governor Rick Scott commented, “We worked hard to win this new headquarters for Florida – and today’s victory will no doubt be a game changer for Florida and Boca Raton. With the assets of OfficeMax and Office Depot, this newly formed Fortune 300 Company will add more jobs and capital investment, retain 2,000 existing jobs, and create new opportunities for Florida families.
“Today’s win builds on this year’s news that Hertz – another Fortune 300 Company – is relocating their headquarters to Southwest, Florida. Our success in landing the headquarters of two Fortune 300 companies in one year is remarkable. It’s the result of our work to create an opportunity economy with low taxes that allows innovators and job creators to succeed.
“While this is a huge victory for Florida, our work isn’t done. We’ll continue working hard to create an opportunity economy that creates more opportunities for families to succeed for generations to come.”