ODP Corp. To Maintain All Of Its Businesses Under Common Ownership

(RTTNews) - The ODP Corporation (ODP) said its Board unanimously determined it is in the best interests of the company and its shareholders not to divest the consumer business at this time. Also, due to current market conditions, the Board also decided not to resume the previously announced potential public company separation at this time and instead to maintain all of its businesses under common ownership.

Joseph Vassalluzzo, chair of the Board of The ODP Corporation, said: "However, the completion of our internal reorganization will make such a potential separation substantially simpler should the company determine to resume the separation process following a change of market conditions in the future."

For the second quarter of 2022, the company expects consolidated revenue to be approximately $2.0 billion and adjusted EBITDA in a range of $85 to $90 million.

The company continues to expect full-year 2022 results to be in-line with the previous year.