Office supplies giant sells operations in China
Office Depot is selling off another international unit.
The office supplies giant announced it will sell its stores in China to Shanghai M&G Colipu Office Supplies Co., Ltd. The public, China-based public company manufactures and sells writing instruments, as well as stationery products for offices and students.
The deal coincides with the Office Depot’s recent announcement that it plans to sell substantially all of its international businesses to focus on its North American operations — a process that it began in 2016. Most recently, the retailer sold its divisions in South Korea to Excelsior Capital Asia, a Hong Kong- and Korea-based direct investment firm.
The newest transaction, which is subject to regulatory approval, is expected to close within the next several months, according to Office Depot.
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