Office Depot Owner Spins Off B2B Concern

ODP Corp., owner of Office Depot (Boca Raton, Fla.) plans to spin off its B2B distribution platform into a new company, according to CNBC. The move is expected to be completed in the first half of 2022.

The separate company will comprise ODP’s business solutions division as well as the Canadian office supply retailer Grand & Troy.

Earlier this year, ODP rejected an unsolicited offer by rival Staples (Framingham, Mass.) to purchase some of its assets for $2.1 billion.