17 May 2006 – Delray Beach (FL): Office Depot has announced its acquisition of Allied Office Products.
Chairman and CEO of Allied, Howard Brown, his son Michael, who currently serves as president, and other key executives will continue as part of the management team within Office Depot’s North American Business Solutions Division (BSD).
Chairman and CEO of Office Depot Steve Odland said: "This acquisition accelerates Office Depot’s growth, enhances our competitive position and extends our industry leading line of products and services. In particular, Allied’s strength in the Northeast will continue to broaden Office Depot’s presence in this important region, while their ability to meet the diverse needs of legal and medical customers will further our expansion in key vertical markets."
Howard Brown added: "Allied and Office Depot share the same philosophy when it comes to providing customers with innovative solutions that add value to their businesses. Office Depot has the breadth and depth of both national and private brands, as well as the promotional programmes, purchasing power, and financial clout necessary to empower our sales people to better meet customer requirements on a global basis."
Financial terms of the deal were not disclosed.
For analysis of this move, complete with industry reaction, be sure to read tomorrow’s OPI+.