Retail News
Boise Cascade buys OfficeMax for $1.3 billion
Boise Cascade has acquired Shaker Heights, Ohio�based office products chain OfficeMax for $1.3 billion. Shareholders of both companies approved the deal on Tuesday.
Boise Cascade, a Boise, Idaho�based paper products maker and office supplies distributor, runs about 100 Boise Office Solutions stores in the United States, Canada, Mexico, Australia and New Zealand. OfficeMax has about 1,000 stores in the United States, Puerto Rico, the U.S. Virgin Islands, Mexico and Australia.
Boise Office Solutions will eventually change its name to OfficeMax, the company said. Gary Peterson, OfficeMax�s former president and COO, will run Boise Cascade�s retail operations.
"The combination of Boise Office Solutions� exceptional strength in the contract customer segment with OfficeMax�s proven retail expertise and strong brand creates a platform for growth, particularly in the small- and mid-sized business segment," said Boise Cascade Chairman and CEO George Harad in a news release.
Retail analysts have said the Boise acquisition will strengthen OfficeMax�s business and make it more competitive with discounters by improving distribution and cutting costs.
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Posted by Craig at December 11, 2003 02:55 PM