Delray Beach, Fla.—Office Depot announced it has acquired a controlling interest in Best Office Co., an office supplier in South Korea.
Best Office operates more than 70 franchised and company-owned retail stores, and a delivery sales business. The deal is subject to regulatory approvals.
The announcement came during its Wednesday earnings conference call. Fourth-quarter revenue grew 7% to $3.7 billion compared with the year-earlier period. Net earnings for the quarter were $106 million, up from $52 million.
Revenue for its b-to-b arm, North American Business Solutions, increased 11%, and division operating profit margins also expanded, the company said.—Carol Krol