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OFFICE DEPOT ACQUIRES THE ASSETS OF WILSON STATIONERY & PRINTING CO., A TEXAS-BASED CONTRACT STATIONER

 DELRAY BEACH, Fla., April 15 /PRNewswire/ -- Office Depot, Inc. (NYSE: ODP), the largest office products superstore chain in North America, today announced that it has signed a definitive purchase agreement with Wilson Stationery & Printing Company, an office supply and contract furniturell of the assets and assume certain of the liabilities of the office supply business. Steelcase has indicated that the contract furniture portion of Wilson's is being sold separately.
 "Contract stationers serve larger companies than those currently served through our retail stores," said Mark Begelman, president of Office Depot, Inc. "This agreement enables Office Depot to enter into the contract stationer business with a team of experienced professionals and an established business base in five major markets: Houston, Dallas, Austin, and San Antonio, Texas, and Charlotte, N.C."
 Office Depot will be issuing common stock to Steelcase Inc. in exchange for the assets of Wilson. This transaction is subject to approval of the boards of directors of Office Depot and Steelcase, regulatory approvals and other closing conditions. The acquisition will be accounted for as a purchase. Based on the current price of Office Depot stock and the estimated net book value of the assets to be purchased, it is estimated that fewer than 500,000 shares of Office Depot common stock will be issued in conjunction with this transaction. This represents less than 1 percent of the current issued and outstanding shares of Office Depot common stock.
 To manage Office Depot's enhanced commitment to the commercial and contract segment of the office supply business, the company also announced that Samuel T. Gentles Jr., currently Office Depot's executive vice president of merchandising, will assume the newly created position of executive vice president and general manager of the Commercial and Contract Sales Division. Gary D. Foss, executive vice president of marketing, will become executive vice president of merchandising and marketing. Foss held the position of executive vice president of merchandising at Office Club prior to its acquisition by Office Depot in 1991.
 Office Depot, Inc. currently operates 300 warehouse stores throughout the United States and Canada. The company reported sales of $1.733 billion for fiscal year 1992. Office Depot is traded on the New York Stock Exchange under the symbol "ODP" and is included in the Standard and Poor's Mid Cap Index.
 Steelcase Inc. is a leading designer and manufacturer of office furniture and is privately owned, selling its product through independently owned contract furniture dealers.
 -0- 4/15/93
 /CONTACT: Barry Goldstein, executive vice president and CFO, 407-265-4237, or Gary Schweikhart, public relations manager, 407-265-4399, both of Office Depot, Inc./
 (ODP)


CO: Office Depot, Inc.; Wilson Stationery & Printing Company;
 Steelcase Inc. ST: Florida, Texas, Michigan IN: REA SU: TNM


JB-SS -- FL002 -- 6039 04/15/93 09:10 EDT
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Publication:PR Newswire
Date:Apr 15, 1993
Words:458
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