Office Depot Hungary Kft, the Hungarian unit of US office-supply company Office Depot, is planning to open 10 new stores in Hungary in 2007, according to the Thursday issue of business daily Világgazdaság.
Office Depot Hungary currently operates 11 stores in Hungary, six of which are located in Budapest. Office Depot Hungary managing director István Miholek told Világgazdaság that the company plans to expand its retail network to 40 stores within the next few years. Világgazdaság speculated that Office Depot might also be entertaining the notion of establishing a logistics center in Hungary, which could serve as a regional distribution hub.
US-based Office Depot acquired the Czech wholesaler Papirius and the integration of the two groups is going on, the daily said. Papirius, which has an annual turnover of €46 million, has had operations in several countries of the region, including Slovakia, Lithuania and Hungary where it started operations in 2002.
Office Depot Hungary recorded revenue of Ft 5.3 billion and after-tax profit of Ft 123.7 million in 2005 and currently employs 300 people, according to Világgazdaság.