Terry Newman is selling his Milford Astor business - which includes Foilmakers Australia and Milford Astor Printing Systems - to Aldus Tronics, with the deal set to go through on March 1.
Foilmakers Australia says it is the country's leading independent hot stamping foil and thermal ribbon company. Milford Astor Printing Systems supplies of pad printing equipment and supplies, hot stamping machines, artwork, dies, cliches and screen printing machines as well as a wide range of associated printing consumables.
Newman says the deal is "a comfortable fit". He will remain the CEO until his replacement settles in, at which time he has agreed with Aldus-Tronics to carry on developing the exports of the stamping foil that is manufactured in othe Melbourne plant.
All staff have agreed to become employees of Aldus-Tronics and for the foreseeable future, other than Newman, there will be no changes to the operations or locations. Milford Astor has been in operation since 1954