Shares of Office Depot, Inc. (ODP) are higher on the session by 1.70%, currently trading at $4.79. The company announced today that it has entered into an agreement to sell its Office Depot Japan business to Kakuyasu. In its press release Office Depot said the transaction also includes an agreement for Kakuyasu to license Office Depot’s trade names, obtain sourcing services and continue to support Office Depot’s global customers in Japan.
Kakuyasu is one of the fastest growing and leading multi-channel businesses in Japan with 2009 sales of $775 million.
Technically speaking, ODP has been moving largely higher over the past four months and is currently trading above its 50-day, $4.69, moving average and below its 200-day, $5.38, MA. The stock is now poised to challenge resistance at $5, which hasn’t been surmounted on a daily closing basis since Dec. 9.
In the past year, ODP has hit a 52-week low of $3.36 and 52-week high of $9.19.
At last check, Office Depot was up 7 cents, or 1.70%, to $4.80.