Office Depot Acquires Majority Stake In Chinese Supplier

Office Depot announced that it has entered into a definitive agreement to acquire a controlling interest in AsiaEC, one of the largest dealers of office products and services in China. Financial terms of the acquisition were not disclosed.

AsiaEC is headquartered in Beijing and has offices in Shanghai, Guangzhou, and Shenzhen. The company has 500 employees supporting its contract sales, direct mail, and internet businesses, and currently operates in the four markets listed above. AsiaEC's customer offerings include office supplies, technology, furniture, custom printing and promotional items, and business services.

"AsiaEC is a leader in delivering a wide range of products and services to businesses, including to multinational corporations operating in China," said Charles Brown, President, Office Depot International. "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."

"Both AsiaEC and Office Depot are committed to a customer-centric framework that delivers the products and services businesses need to be successful in the marketplace," said Tim Liu, a Founder and CEO of AsiaEC. "Combining Office Depot's multi-channel sales expertise with AsiaEC's proven, scalable business infrastructure will give customers throughout China an even wider array of solutions."

AsiaEC will operate under the Office Depot International Division. Liu will report to Teddy Chung, Senior Vice President & Managing Director, Asia.