Office Depot, Inc. (NYSE: ODP), a leading global provider of office products, services, and solutions formed by the merger of Office Depot and OfficeMax, today announced that it has chosen Boca Raton, Fla. for its global headquarters.
The decision is the result of a thorough evaluation that took into account a number of important factors, including the cost to operate each headquarters location, lease obligations and sublease considerations, tax implications, government incentives, ability to add associates and incorporate functions in the current space, and people-related costs.
“Selecting the headquarters location is a critical step toward integrating our two companies,” said Roland Smith, Chairman and CEO, Office Depot, Inc. “Both Florida and Illinois have many positive attributes, but our analysis concluded that Boca Raton provides the best platform for us to achieve planned synergies, leverage assets to drive improved profitability, and launch a compelling vision for the future.
“We appreciate the significant efforts from legislators in Illinois and the generous support we have received from the State of Florida, Palm Beach County, and City of Boca Raton,” Smith added. “We would like to thank Florida Governor Rick Scott, Illinois Governor Pat Quinn and the countless others involved in providing the information necessary for us to make this important decision.”The Company will remain in its current 625,000-square-foot corporate campus located at 6600 North Military Trail in Boca Raton, which has ample space to accommodate associates who will relocate from Illinois. “With the location of our headquarters now decided, we will quickly move forward to build a world class leadership team and organization focused on exceeding the expectations of consumers and businesses, becoming a more appealing partner to our vendors, and driving value for our shareholders,” Smith said. “To do that, we will select the best talent available from both locations.” Office Depot, Inc. will maintain a presence in Naperville throughout the headquarters transition and accompanying integration activities.