Global office products retailer Office Depot is in an agreement to acquire 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, which are its four markets. The company has 500 employees supporting contract sales, direct mail and internet businesses. AsiaEC's customer offerings include office supplies, technology, furniture, custom printing and promotional items, and business services.
"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," said Office Depot International President Charles Brown.
AsiaEC will operate under the Office Depot International Division. Tim Liu, a founder and CEO of AsiaEC, will report to Teddy Chung, Senior Vice President and Managing Director, Asia.
Office Depot is headquartered in Delray Beach, Florida, U.S., and has annual sales of nearly U.S. $15 billion. It has about 50,000 employees around the world. It sells in 36 countries and has affiliates in another five. As of July 2006, the company had 1,071 retail stores in North America.
to Daily News