Wesfarmers wants to either sell or float Officeworks, the retailer and supplier of office products
Wesfarmers, the mining to retail conglomerate, said Wednesday it has begun a strategic review of the chain it acquired in 2007.
The plan to exit the chain comes as Wesfarmers has more than doubled earnings and boosted return on equity ovver the last eight years, the company said. Officeworks operates 163 stores across every state and territory and employs about 7,000 staff.
“Officeworks is well positioned for future growth with a strong competitive position,” Wesfarmers Managing Director Richard Goyder said. “Options, including an initial public offering, are being evaluated. The business will be retained if divestment options do not meet Wesfarmers’ valuation hurdles.”
Officeworks profit climbed 5% to 62 million in the six months ended December 31.