International News - OfficeMax axes lumber business

Ohio-based office products retailer OfficeMax has sold up to California-based forestry company Boise Cascade.

Boise Cascade paid US$1.15 billion (£715.4 million) in a deal that may help it exit lumber altogether. The deal will also allow OfficeMax chief executive Michael Feuer to complete the reorganisation he began more than two years ago.

OfficeMax has 1,000 stores in the US, but had not made a profit for two years until its last financial year. The store group generated US$4.78 billion (£2.97 billion) in sales in the year ending in January.