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Office Depot Recognized as One of the Top Organizations for Multicultural Business Opportunities
DELRAY BEACH, Fla.-(Business Wire)-February 13, 2008 - Office Depot(R) (NYSE:ODP), a leading global provider of office products and services, was recognized as one of the "Top Organizations for Multicultural Business Opportunities" for the eighth year in a row and since the inception of the award. Placing sixth, Office Depot is the highest ranking retailer on the list, dubbed the Div50, which includes forty-nine other major corporations.
DiversityBusiness.com is the nation's leading multicultural online website. More than 600,000 diversity business owners had the opportunity to participate online in determining the organizations to be included in the list. Participants based their decisions on such factors as the consistency and quality of business opportunities granted to women and minority-owned companies.
"Being recognized as the top retailer for multicultural business opportunities is a great honor for Office Depot," said Chuck Rubin, President of North American Retail. "Inclusion is one of our Company's core values and we put this into action by respecting the diverse thoughts, beliefs, backgrounds, cultures and energies of our associates, customers and suppliers.
Office Depot's commitment to the development and success of women and minority-owned companies is achieved through a number of important initiatives, including the following:
— Supply Chain Inclusion: Office Depot works with Historically Underutilized Businesses (HUBs), which include certified Minority, Women, Disabled, Veteran and Small Business enterprises, throughout the Company's global supply chain. Office Depot identifies and works with those businesses that manufacture products that can be either resold to Office Depot customers or used in its own operations.
— Tier One Program: Office Depot has adopted a mentor approach through this innovative program that pairs the retailer with small and disadvantaged firms in an effort to develop them and enhance their own performance. The goal of this initiative is to positively contribute to the economic development, job creation and long-term viability of independently owned and operated HUB firms.
As a result of Office Depot's success partnering with women and minority-owned businesses, the Company sold approximately $530 million in products from HUBs in 2006. This represented a $100 million or 23% increase from the previous year. To learn more about the supplier and vendor diversity program at Office Depot, please visit www.officedepot.com/diversity.
The Business Power of Diversity
As multicultural businesses gain more buying power and their lifestyles become more affluent, multicultural markets are growing in economic muscle. This in turn attracts more corporations, as they compete for market share in multicultural communities. The Div50 list has become, by virtue of association, a consumer guide of sorts for women and minority consumers. "As a diversity business owner, I appreciate the business we receive from corporate buyers; and in turn, when I buy products and services, either as a company or as a private individual, I am much more likely to buy from the same companies that are supporting my business, or that I know are supporting businesses like mine," said Peter Clarke, owner of Advanced Cleaning Concepts headquartered in Bridgeport, CT.
Top Honors for Top Corporations
While other awards and "Top" lists crown companies for overall economic growth, returns to shareholders and similar metrics, the Div50 is an indicator of which organizations provide the best and the most business for diversity-owned companies. In a marketplace that is increasingly as sensitive to diversity as it is to revenues, recognizing the top buyers of multicultural products and services is becoming a natural part of the new socioeconomic food chain. "Those organizations that buy the most products and services, most consistently, from diversity businesses, and that sustain the most mutually beneficial business relationships with their multicultural suppliers, should be recognized not only by the business owners but also by the general public," said Kenton Clarke, CEO of DiversityBusiness.com.
The Div50 list is circulated to over 1,000 organizations that distribute it to their members and associates, reaching millions of consumers every year. Over the past 8 years, it has become a highly valued metric of corporate excellence in the diversity space.
The Div50
The Div50 is a listing of the top 50 corporate and organizational buyers of diversity products and services throughout the country. It represents the voices of over 600,000 diversity-owned (women, African Americans, Hispanics, Asians, Native Indian and other multicultural groups) businesses in the U.S., in sectors such as technology, manufacturing, food service and professional services. The Div50 is produced annually by DiversityBusiness.com, the nation's leading multicultural B2B internet website that links large organizational buyers to multicultural product and service suppliers.
Over 600,000 women and minority owned businesses had the opportunity to vote in the 2007 online election. The winning companies will be honored at a special awards ceremony at DiversityBusiness.com's 8th Annual Multicultural Business Conference, taking place April 23 - 25, 2008 at Disney's BoardWalk Resort, Orlando, Florida.
A complete list of winners is available at: www.diversitybusiness.com
About Office Depot
Office Depot provides more office products and services to more customers in more countries than any other company.
Incorporated in 1986 and headquartered in Delray Beach, Fla., Office Depot has annual sales of approximately $15.5 billion, and employs approximately 52,000 associates around the world. Currently, the Company sells to customers directly or through affiliates in 43 countries.
Office Depot is a leader in every distribution channel — from retail stores and contract delivery to catalogs and e-commerce. As of September 29, 2007, Office Depot had 1,212 retail stores in North America and another 384 stores, either company-owned, licensed or franchised, in other parts of the world. Office Depot serves a wide range of customers through a dedicated sales force, telephone account managers, direct mail offerings, and multiple web sites. With $4.8 billion in online sales during the last twelve months, the Company is also one of the world's largest e-commerce retailers.
Office Depot's common stock is listed on the New York Stock Exchange under the symbol ODP and is included in the S&P 500 Index. Additional press information can be found at: http://mediarelations.officedepot.com.
About DiversityBusiness.com
Launched in 1999, DiversityBusiness.com with over 36,000 members is the largest organization of diversity-owned businesses throughout the United States that provide goods and services to Fortune 1000 companies, government agencies and colleges and universities. The site has gained national recognition and has won numerous awards for its content and design. It is a membership-based exchange platform that facilitates contacts and communication, streamlines business processes and provides vital business news and information. Also during last spring DiversityBusiness.com launched its National Business Magazine with a unique approach to diversity. More detail about the magazine could be found at www.DiversityBusiness.com/Magazine
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