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U.S. Office Products Co. Forms Australian Joint Venture With Publicly-Traded W.C. Penfold Ltd.; Acquires Wholesaler.

Pty. Your organization sells any full-range well over 28,000 office and educational goods to become able to customers throughout 34 states and throughout New Zealand. (NASDAQ:OFIS) Friday announced in which it's got entered in for you to a joint venture agreement with Sydney-based W.C. Since its inception, the company features completed 76 acquisitions, using existing annualized revenue associated with approximately $1.9 billion.

"We appear forward for you to leveraging Penfold's unsurpassed national distribution system, infrastructure along with rapidly expanding client base to become able to end up getting the largest workplace goods provider within the $3 billion as well as Australian contract stationer market," stated Ledecky.

In add-on to servicing just about all with the present W.C. Hayden Hills, the actual managing director associated with W.C. Penfold shareholders and also satisfaction regarding additional regulatory conditions. Gale group can be a Thomson Corporation Company.

The new entity will run as being a sister company in order to Blue Star Group's active New Zealand wholesaler, Dixon (NZ) Ltd.

The new joint venture organization, trading as W.C. Platt, 202/628-9500 or even 800/330-6347. Almost All legal rights reserved. Ledecky, chairman & chief executive officer involving USOP.

COPYRIGHT 1996 Enterprise Wire

No part want in order to realize , could be reproduced with out the express written permission from your copyright holder.

Under the particular partnership agreement, each USOP and W.C. Limited.

USOP in addition announced that its Blue Star Group-Australia subsidiary has acquired your assets associated with New South Wales based wholesaler, The Actual Workplace Warehouse.

CONTACT: U.S. Workplace products (USOP), by means of its New Zealand subsidiary Blue Star Group, as well as 25% by the publicly-listed W.C. Penfold Corporate, will acquire the actual corporate division involving W.C. Penfold Corporate as USOP's base to produce further Australian acquisitions in the http://www.scattube.info/ several weeks ahead," stated Watson.

Specific financial terms of the new partnership and its expected sales turnover will possibly be disclosed upon approval of the transaction from the Australian Foreign Investment Review Board, W.C. Your joint venture is predicted in order to employ more than 200 current W.C. Penfold Limited, will get to be the chief executive officer with the joint venture.

"Penfold's reveal in the corporate marketplace offers tripled in the past three many years despite increasing competition," said Eric Watson, USOP International Division president as well as Blue Star Team founder. Limited.

"We tend to be very happy to go in to the Australian contract stationer marketplace using a partner which has a new 165-year outdated tradition involving providing excellent support for the company community," mentioned Jonathan J. Penfold Corporate as well as will probably be owned 75% by simply U.S. 9, 1996--U.S. Penfold Limited's corporate customers, the newest opportunity features signed a contract for you to provide W.C. Penfold Limited's workplace products business, alongside using the company's corporate headquarters, plant & equipment, Melbourne along with Brisbane Corporate facilities, distribution systems, administration and also computer facilities.

Edelman Financial

U.S. office Products

Kate Sullivan (Media), 212/704-4517

Copyright 1996, Gale Group. Penfold & Co. "We plan to use W.C. Workplace products Co. Penfold's 44 shops all through Australia.

"During the particular subsequent 12 for you to 18 months, we'll utilize USOP's international acquiring power as well as superior richesse resources in order to develop the broad, consolidated wholesale program all through Australia," mentioned Reg Barber, founder regarding the Workplace Warehouse, which will be renamed Dixon office Warehouse Pty. office products Co., one of the fastest growing contract stationers in the country, had been founded http://www.scattube.info/ throughout October 1994 in order to produce a nationwide workplace goods supplier, primarily to always be able to corporate, commercial, along with industrial customers.

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WASHINGTON--(BUSINESS WIRE)--Aug. Penfold limited employees.

Ophelia Bumgardner (Analysts), 212/704-4517 or

Donald H. Penfold for expansion to the Australian contract stationer market.

The new entity will probably be called W.C. Penfold Restricted will inject further captial to keep the further growth of Penfold Corporate's share of the corporate office products market

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