(By Balaseshan) Office Depot Inc. (NYSE: ODP), a global supplier of office products and services, said it has agreed to sell its Hungary business to Central Fund Venture Capital Fund.
The transaction also includes an agreement for Central Fund to use Office Depot's trade names, obtain sourcing services and continue to support Office Depot's global customers in Hungary.
Central Fund Venture Capital Fund is the first privately owned Venture Capital Fund in Hungary. It invests in small- and medium-sized companies in Hungary.
Office Depot Hungary started as a licensed operation in 1997 and was established in 2004 as a wholly owned subsidiary of Office Depot. The company serves a wide variety of customers in Hungary including small- and medium-sized businesses and global accounts.
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Office Depot operates a network of distribution centers (DCs), crossdock, and combination facilities across the United States.It operates in three business segments: North American Retail Division, North American Business Solutions Division and International Division.
ODP is trading down 5.34% at $3.37 on Thursday. The stock has been trading between $1.51 and $3.81 for the past 52 weeks.