ICL has finally got shot of part of its D2D division after selling off its literature and software operations (LSO) to printing group The Astron Group for an undisclosed sum.
Staff may face redundancies in the next two months as LSO merges with Astron printing plant subsidiary, The Orbital Group, to form Astron Online.
David Mitchell, CEO of the Astron Group, said he could give no guarantees about jobs. 'A new business formed from two existing firms often implies rationalisation, and it is our duty to be as efficient as we can.'
Astron managers with equity stakes in the firm include ex-LSO manager Dave Pain, now operations director, ex-LSO Kay Smith, who becomes group purchasing director, Mitchell, who is acting MD, Phil Massetti, group sales and marketing director and ex-LSO Steve Gear, who becomes UK sales director.
ICL sold off LSO due to poor financial performance. 'It was making an unacceptable level of profit and ICL didn't want to invest any further,' said Mitchell. LSO acted as a reseller of Astron printing products.
The Astron Group was set up in March following an MBO by directors from Satellite Press, Orbital Press and bookbinder Kadocourt.
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