Welcome to our dedicated page for The ODP Corporation news (Ticker: ODP), a resource for investors and traders seeking the latest updates and insights on The ODP Corporation stock.
The ODP Corporation Common Stock (symbol: ODP) represents a company deeply embedded in the business services and office product supply chain. Operating under notable brands like Office Depot®, OfficeMax®, and Grand & Toy®, ODP Corporation serves a diverse range of customers from individual consumers to large enterprises.
One of the core segments is ODP Business Solutions, which targets small to enterprise-level companies with a variety of products including office supplies, technology, furniture, and business services. This segment aims to streamline operations for businesses, enhancing productivity and efficiency.
The Office Depot Division caters primarily to retail consumers and small businesses through a network of approximately 1,400 retail stores and eCommerce platforms. This division provides essential office products, technology, and services designed to support the daily operations of its customers.
The Veyer Division focuses on supply chain, distribution, and procurement services, serving both internal and third-party clients. With an emphasis on global operations, this division ensures efficient and reliable logistics and supply chain management.
A notable innovation from ODP Corporation is the Varis Division, which offers a tech-enabled B2B indirect procurement marketplace. This division provides businesses with a seamless buying experience and advanced spend management tools, aiming to optimize procurement processes and control costs.
Financially, the company reported approximately $11 billion in annual sales for 2016 and employs around 38,000 associates. The revenue primarily stems from the Veyer Division. ODP Corporation's extensive network of wholly owned operations, franchisees, licensees, and alliance partners solidifies its position as a key player in the global office products and business services market.
Stay tuned for the latest updates as ODP Corporation continues to innovate and expand its suite of services to meet the evolving needs of its customers.
Office Depot, a subsidiary of The ODP Corporation (NASDAQ:ODP), has appointed Doremus & Co. as its lead strategy and creative partner for the Business Solutions Division (BSD).
This partnership emphasizes B2B marketing, targeting nearly 10 million business customers, including half of the Fortune 500. The collaboration aims to enhance productivity and efficiency for enterprise clients amid a transforming business landscape, as Office Depot shifts focus to meet evolving customer needs.
The ODP Corporation (NASDAQ: ODP) has received a $1 billion cash acquisition proposal from USR Parent, Inc., the parent company of Staples. ODP’s Board is reviewing the proposal with its advisors to decide on the best course of action for the company and its shareholders. Additionally, ODP recently announced plans to separate into two independent companies to enhance focus and strategy. Legal counsel is being provided by Simpson Thacher & Bartlett LLP, while Goldman Sachs & Co. LLC is advising on financial matters.
On June 4, 2021, USR Parent, Inc. (Staples) proposed to acquire The ODP Corporation's consumer business for $1.0 billion, translating to approximately $18.27 per share. This offer represents a significant premium of 43% over ODP's average share price of $43.21 prior to the announcement. Staples assures that it has the necessary financing commitments, which are not conditional on funding receipt, and anticipates smooth regulatory approval, having made progress with governmental requirements since November 2020. Staples aims to finalize negotiations and execute definitive agreements promptly.
On June 3, 2021, Office Depot, a subsidiary of The ODP Corporation (NASDAQ:ODP), announced a partnership with Zimmerman Advertising for marketing support. Zimmerman will provide strategic guidance and develop marketing plans to boost performance and engage small business customers. This collaboration highlights Office Depot's commitment to delivering customer-focused value and enhancing their messaging to drive growth. Both companies have a history of collaboration, with Office Depot expressing excitement about the potential for growth in their upcoming campaigns.
Office Depot, a subsidiary of The ODP Corporation (NASDAQ:ODP), has released its 2021 Diverse Supplier Catalog. This edition features over 1,700 items from diverse vendors, certified as minority-, women-, disabled-, LGBTQ+-owned, and veteran-owned businesses. The catalog includes office essentials, school supplies, furniture, and technology, with more than 700 products boasting eco-attributes. New additions include vendors like GOJO and Carriage Paper Products. This initiative aims to support customers in their supplier diversity initiatives while fostering opportunities for small and diverse businesses.
Office Depot, a subsidiary of The ODP Corporation (NASDAQ:ODP), announced its 13th edition of the Diverse Supplier Catalog. This catalog includes over 1,700 items from diverse vendors, featuring minority-, women-, and veteran-owned businesses. Notable additions are GOJO Industries and Carriage Paper Products. The catalog aims to support customers’ supplier diversity initiatives while offering growth opportunities for small businesses. Additionally, it highlights success stories from diverse suppliers like Omar, Inc. and Smead Manufacturing, enhancing the company’s commitment to diversity in sourcing.
The ODP Corporation (NASDAQ:ODP), a prominent provider of business services and digital workplace technology, announced that D. Anthony Scaglione, its CFO, will present at Baird’s 2021 Global Consumer, Technology & Services Conference on June 9 at 9:40 am (ET). The event will be accessible via a webcast, available for 90 days on the company's investor relations website. ODP supports various business needs through its B2B distribution platform and brands like Office Depot and OfficeMax, serving small to enterprise businesses.
The ODP Corporation (NASDAQ:ODP) announced the selection of six minority-owned businesses in South Florida to receive cash grants through Elevate Together™, a program aimed at supporting Black and Hispanic entrepreneurs. Each selected business will receive a $10,000 grant to promote growth and innovation. The initiative is a collaboration with the South Florida Hispanic Chamber of Commerce and the Urban League of Broward County. ODP initially invested $250,000 to kickstart this program, which additionally offers mentorship to grant recipients.
The ODP Corporation (NASDAQ: ODP) reported Q1 2021 results with sales of $2.4 billion, a decrease of 13% year-over-year. Operating income fell to $55 million from $80 million, and net income increased to $53 million or $0.95 per diluted share. Adjusted operating income declined to $91 million and adjusted EBITDA to $138 million. The company announced a $300 million stock repurchase program and plans a tax-free spin-off of its B2B businesses, aiming to enhance long-term shareholder value.
The ODP Corporation (NASDAQ: ODP) announced a plan for a strategic separation into two independent publicly traded companies. The first entity, ODP, will focus on retail consumer and small business products through its stores and eCommerce site. The second entity, referred to as NewCo, will concentrate on B2B solutions, including its digital platform and logistics. This separation aims to enhance strategic focus, attract investment, and unlock shareholder value. The split is expected to occur in the first half of 2022, pending regulatory approvals. The process is viewed as a move to optimize operations and capitalize on growth opportunities.
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