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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), 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.
Office Depot, a subsidiary of The ODP Corporation (NASDAQ:ODP), announced a $250,000 donation to Boys & Girls Clubs of America during its 'Depot Day of Service' initiative. The donation aims to enhance 18 clubhouses across the nation, supporting local communities. From May 1 to May 8, associates will participate in over 30 service projects to improve facilities for kids and teens. This initiative reflects Office Depot's commitment to community engagement and educational support, benefiting approximately 250,000 youth nationwide.
Office Depot has recognized 19 organizations for their leadership in green purchasing, emphasizing positive environmental practices. Awardees include notable entities like the City of Chicago and the University of California, Davis. The recognition is based on their spending on eco-friendly products and certifications like FSC and EPEAT. Shannon Hunter, Office Depot's VP of Merchandising Operations, noted that rewarding greener actions can inspire broader changes in purchasing habits. The company aims to enhance green product uptake through resources like The Green Book® Digital Catalog and regular promotions.
The ODP Corporation (NASDAQ:ODP) will announce its Q1 2021 financial results on May 5, 2021, before market opening. A webcast for financial analysts and investors is scheduled for the same day at 9:00 am ET, which will be accessible to the media and the public. The webcast can be accessed through the ODP Investor Relations website, with a replay available two hours post-event. The company provides business services and products through its B2B distribution platform, including brands like Office Depot and OfficeMax.
CompuCom, a subsidiary of The ODP Corporation (NASDAQ:ODP), has joined the global Women in Technology (WiT) Network as a corporate member. This partnership empowers female associates through networking, mentoring, and education initiatives. CompuCom aims to create a more inclusive workplace, supporting gender equality and leadership opportunities for women. The membership aligns with their long-term commitment to gender equality, especially in the face of challenges posed by COVID-19. Through WiT, CompuCom will enhance its efforts in fostering a diverse workforce.
On March 31, 2021, USR Parent, Inc. (Staples) announced it is evaluating all options for acquiring assets from The ODP Corporation (NASDAQ: ODP). This follows ODP's March 15 announcement regarding a potential sale of certain assets. Staples has paused its planned March 2021 tender offer for ODP's common shares but retains the option to proceed in the future. Staples is currently working with regulatory bodies, including the FTC and Canadian Competition Bureau, to secure necessary clearances for the proposed transaction.
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