Office Depot China selling out to Shanghai company

Office Depot China has agreed to sell its business on the mainland to Shanghai M&G Colipu Office Supplies.

Figures related to the sale have not been released.

The US workplace products and services company has been shedding most of its international businesses since last year, and the latest transaction is subject to regulatory approval. It is expected to close within the next several months.

Shanghai M&G Colipu Office Supplies is a subsidiary of Shanghai M&G Stationery, a public company that is mainly engaged in the manufacture and sale of writing instruments as well as student and office stationery.

Office Depot had annual sales of about US$11 billion last year, with about 38,000 employees and about 1400 retail stores, award-winning e-commerce sites and a dedicated business-to-business sales organisation.

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