Office supply retailers set to merge

November 1, 2013 

Office Depot will merge with OfficeMax Tuesday with the Federal Trade Commission's approval.The companies issued a joint news release Friday morning. Both had scheduled quarterly earnings reports for Tuesday, so expectations were high that the merger announcement would be made soon."This merger represents a new beginning for Office Depot and OfficeMax -- one that will enable us to create a stronger, more efficient global provider better able to compete in the dynamic and rapidly changing office solutions industry," Office Depot CEO Neil Austrian stated in the news release.Office Depot and OfficeMax as a joint company will be closer to the size and scope of industry leader Staples, but still probably be second in sales. Stock prices were up in morning trading for the two soon to merge.

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