Staples Solutions to sell its remaining business units in Portugal, the Benelux and Finland
Staples Solutions B.V. announced it has entered into an agreement to sell its business units in Norway, Sweden, Denmark, Germany, Austria and Poland. This follows announcements earlier this year that the company has divested its UK Distribution Center business, and sold its International Contracts business.
In the coming months, Staples Solutions intends to also divest its remaining business units in Portugal, the Benelux and Finland. The company has engaged a number of interested parties to that effect.
Dolph Westerbos, Chief Executive Officer, Staples Solutions, expanded on the group's journey since 2017 when Staples Inc sold its European business to create the standalone company.
"Staples Solutions has undergone a radical transformation in just a few years. We changed from a centrally-driven functional organization into a local country-based structure to better serve our customers. We simplified our business by focusing on contract B2B customers, and divesting non-core units in the early years. We broadened our workspace solutions so that the majority of our revenues now derive from higher margin categories beyond traditional office supplies. We invested in customer service and e-commerce, significantly improving our customers' experience. The relentless hard work paid off by returning the company to profitability. We have created a better business and a strong entrepreneurial culture, with the unfailing support of our shareholder Cerberus at every step. With the successful completion of our transformation, now is the right time for our shareholder to exit. I am pleased that we have secured strong futures for our business units, and I am proud that our people and customers will be an asset to the great strategic players they are joining," he said.