Office Depot is merging with Naperville-based OfficeMax, the Associated Press reports.
Office Depot will aquire its rival company in a $1.2 billion all stock deal. OfficeMax addressed the merger in a brief statement posted on its website today:
“The OfficeMax mission is simple: We provide workplace innovation that enables our customers to work better. As a combined company, OfficeMax and Office Depot will have the resources to provide a wide array of services and solutions to help you move your business ahead,” the statement read.
Until the merger is complete, which is expected at the end of 2013, OfficeMax and Office Depot will continue to run as two separate companies, the OfficeMax statement read. There is no word on if any area stores will be closing due to the merger.
Office Depot/OfficeMax locations near Lake Zurich/Barrington:
OfficeMax: 731 W. Route 22, Lake Zurich
Office Depot: 701 North Milwaukee Road, Vernon Hills
The move is expected to save $400 to $600 million by the third year of the deal. The combined company name, corporate headquarters and more details will be decided after a CEO is named, the AP reports.