Corporate Express
Encyclopedia
Corporate Express N.V. is a Dutch
company that supplies office products
to businesses and institutions. The firm was known as Buhrmann prior to April 20, 2007, when it changed its trading name to that of its best known brand, taken from the United States
-based corporation it acquired in 1999. The company was acquired by Staples Inc. in August 2008 and has been rebranded to Staples Advantage.
, packaging and printing industry distribution company, founded in 1993 by the simultaneous merger
of three companies: Koninklijke Nederlandsche Papierfabrieken (KNP), Bührmann-Tetterode and VRG-Groep. Across 1997 and 1998, the paper and packaging business areas were divested
, leaving just the distribution interest, covering BT Office Products as well as graphic systems and paper merchandising businesses. KNP BT was renamed Buhrmann N.V. in July 1998.
. Initially a regional office products retailer with 11 employees located in one small building, the company quickly established a program of strategic procurement solutions as an important industry innovation.
Initial growth was rapid. In 1994, Corporate Express became a public company with reported revenues of $621 million. Through acquisition of approximately 200 companies by the end of 1998, the company quickly and seamlessly added to its product lines, customer services and geographic breadth to serve a growing group of national and international businesses, including many of the world's largest and best known organizations.
In May 2001, Corporate Express acquired substantially all of the US Office Products (USOP) North American office products assets, including certain stand-alone furniture businesses. USOP's North American office products operations were integrated into Corporate Express, resulting in expected revenues of approximately $5 billion in North America.
The company's new focus on a single business area was consolidated when its paper merchandising division was sold to Australia
's PaperlinX in October 2003, leaving only the office-related products business. Reflecting the new single focus, it was decided to change the name of the company to Corporate Express N.V. in April 2007.
June 2007 saw Corporate Express announce its use of HarvestMark to trace food produce back to its origin to provide safety guarantees for consumers.
-based office supplies
retailer Staples Inc. launched an unsolicited acquisition
bid for the company on 19 February 2008, offering €7.25 per share. The Corporate Express board
rejected the offer, saying that the price undervalued the company. In a move widely seen as an attempt to stave off interest from Staples, the company announced a planned €1.4 billion takeover of French
rival Lyreco
on 21 May, only for Staples to make an increased offer of €9.15 per share on 3 June. After this too was rejected, a final offer of €9.25 per share (valuing Corporate Express at €1.68 billion) was accepted by the board on 11 June. The proposed Lyreco acquisition was subsequently abandoned. With over 95% of its stock acquired by Staples, Corporate Express was removed from the AEX index
on 4 July 2008. Shares of the company were delisted on 5 August as Staples gained full control.
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
company that supplies office products
Office supplies
Office supplies is the generic term that refers to all supplies regularly used in offices by businesses and other organizations, from private citizens to governments, who work with the collection, refinement, and output of information .The term includes small, expendable, daily use items such as...
to businesses and institutions. The firm was known as Buhrmann prior to April 20, 2007, when it changed its trading name to that of its best known brand, taken from the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
-based corporation it acquired in 1999. The company was acquired by Staples Inc. in August 2008 and has been rebranded to Staples Advantage.
Buhrmann
Buhrmann N.V. was initially formed from KNP BT, a paperPaper
Paper is a thin material mainly used for writing upon, printing upon, drawing or for packaging. It is produced by pressing together moist fibers, typically cellulose pulp derived from wood, rags or grasses, and drying them into flexible sheets....
, packaging and printing industry distribution company, founded in 1993 by the simultaneous merger
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
of three companies: Koninklijke Nederlandsche Papierfabrieken (KNP), Bührmann-Tetterode and VRG-Groep. Across 1997 and 1998, the paper and packaging business areas were divested
Divestment
In finance and economics, divestment or divestiture is the reduction of some kind of asset for either financial or ethical objectives or sale of an existing business by a firm...
, leaving just the distribution interest, covering BT Office Products as well as graphic systems and paper merchandising businesses. KNP BT was renamed Buhrmann N.V. in July 1998.
Corporate Express Corporation
Corporate Express was founded by Jirka Rysavy in 1986 in Boulder, ColoradoBoulder, Colorado
Boulder is the county seat and most populous city of Boulder County and the 11th most populous city in the U.S. state of Colorado. Boulder is located at the base of the foothills of the Rocky Mountains at an elevation of...
. Initially a regional office products retailer with 11 employees located in one small building, the company quickly established a program of strategic procurement solutions as an important industry innovation.
Initial growth was rapid. In 1994, Corporate Express became a public company with reported revenues of $621 million. Through acquisition of approximately 200 companies by the end of 1998, the company quickly and seamlessly added to its product lines, customer services and geographic breadth to serve a growing group of national and international businesses, including many of the world's largest and best known organizations.
Merger and activities since
In October 1999, Buhrmann acquired its competitor Corporate Express Corporation and combined it with BT Office Products. Corporate Express became the name of the office products arm of Buhrmann N.V..In May 2001, Corporate Express acquired substantially all of the US Office Products (USOP) North American office products assets, including certain stand-alone furniture businesses. USOP's North American office products operations were integrated into Corporate Express, resulting in expected revenues of approximately $5 billion in North America.
The company's new focus on a single business area was consolidated when its paper merchandising division was sold to Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
's PaperlinX in October 2003, leaving only the office-related products business. Reflecting the new single focus, it was decided to change the name of the company to Corporate Express N.V. in April 2007.
June 2007 saw Corporate Express announce its use of HarvestMark to trace food produce back to its origin to provide safety guarantees for consumers.
Staples acquisition
United StatesUnited States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
-based office supplies
Office supplies
Office supplies is the generic term that refers to all supplies regularly used in offices by businesses and other organizations, from private citizens to governments, who work with the collection, refinement, and output of information .The term includes small, expendable, daily use items such as...
retailer Staples Inc. launched an unsolicited acquisition
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
bid for the company on 19 February 2008, offering €7.25 per share. The Corporate Express board
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
rejected the offer, saying that the price undervalued the company. In a move widely seen as an attempt to stave off interest from Staples, the company announced a planned €1.4 billion takeover of French
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
rival Lyreco
Lyreco
Lyreco is a distributor of office products, founded in 1926 by G. Gaspard in the Valenciennes area of France. The company focused its development on the French territory during the 1970s. The Lyreco Group structure is now in 27 countries and 5 continents...
on 21 May, only for Staples to make an increased offer of €9.15 per share on 3 June. After this too was rejected, a final offer of €9.25 per share (valuing Corporate Express at €1.68 billion) was accepted by the board on 11 June. The proposed Lyreco acquisition was subsequently abandoned. With over 95% of its stock acquired by Staples, Corporate Express was removed from the AEX index
AEX index
The AEX index, derived from Amsterdam Exchange index, is a stock market index composed of Dutch companies that trade on Euronext Amsterdam, formerly known as the Amsterdam Stock Exchange. Started in 1983, the index is composed of a maximum of 25 of the most actively traded securities on the exchange...
on 4 July 2008. Shares of the company were delisted on 5 August as Staples gained full control.