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September 30th 2005 - Source: The Associated Press State Local Wire at Lexis Nexis
ITASCA, IL, 9/29/05 -- OfficeMax Inc., the nation's third-largest office products retailer, said Thursday it has chosen the Chicago suburb of Naperville as the site for an expanded corporate headquarters, just southwest of its current base.
The company said it will begin occupying the new headquarters next spring after making changes to an existing 361,000-square-foot building to accommodate 1,500 employees, including 900 now working in Itasca and the rest from OfficeMax's retail operation in Ohio.
OfficeMax initially announced plans this summer for the move, which it said is aimed at strengthening operational efficiencies, improving collaboration among departments and reducing costs. It is to be completed by next fall."The conclusion of the site evaluation efforts and the selection of our Naperville address marks significant progress in our integration efforts," said Sam Duncan, chairman and chief executive officer.
The consolidation will entail closing down the company's retail office in Shaker Heights, Ohio, and shifting those responsibilities to the new facility.
The state of Illinois is providing an approximately $20 million investment package to OfficeMax in connection with the move.
OfficeMax was based outside Cleveland from its founding in 1988 until 2003, when it was acquired by Boise Cascade Corp. Boise Cascade then changed its name to OfficeMax, sold off its wood products business for $3.7 billion and moved its headquarters to Itasca, 20 miles northwest of Chicago. Its two larger rivals are Staples Inc. and Office Depot Inc.
OfficeMax shares rose 20 cents to close at $32.32 on the New York Stock Exchange. Its shares have traded in a 52-week range of $27.11 to $35.21.
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