21 August 2008 | Jake Kanter
Office supplier Staples aims to save up to $300 million (£161 million) following its takeover of rival firm Corporate Express.
In its preliminary results Staples announced plans to merge with the Dutch company over the next three years, after acquiring it last month. Staples hopes combining purchasing power, driving efficiency savings and sharing best practice will help to reduce costs.
The US firm said its second quarter results were "weaker than anticipated" amid "challenging market conditions". Staples' earnings per share decreased 15 per cent compared with this time last year. This morning, shares in Staples were trading at $23.90 (£12.80).
Meanwhile, UK stationery supplier office2office revealed it was passing on increased costs to customers. In its results for the first half of 2008 David Callear, chairman of the company, said: "Downward pressures are ongoing, although we aim to continue to mitigate the impact through active management of costs and, where appropriate, passing on increases to our customers."