2 October 2006 — Beijing (CHN): Office Depot has agreed to acquire a controlling interest in AsiaEC, one of China’s largest OP dealers.
AsiaEC, which will operate under Office Depot International, is headquartered in Beijing and has offices in Shanghai, Guangzhou and Shenzhen and employs 500 staff.
The news follows an OPI news story in June predicting the acquisition.
Charles Brown, president of Office Depot International, said: "This acquisition gives Office Depot a significant presence in the fast growing Chinese market, and allows us to further leverage our operations in Japan and South Korea to enhance our competitive position within this increasingly important region."
Financial terms of the transaction have not been disclosed.