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IPMG gravure plant firm favourite for Warwick Farm

Tuesday, 08 December 2009
By Print 21 Online Article

Michael Hannan moves ahead with $150 million bet on new gravure printing facility.

In a rare interview with The Australian, managing director, Michael Hannan confirmed that plans for the Warwick Farm site, are well under way. Last year, Print21 announced that the operation will be powered by high-speed gravure presses which will give it a major competitive advantage in the marketplace. When commissioned, the printing facility is expected to employ up to 170 staff and have its own cylinder engraving facility.

On top of building the Warwick Farm site, $60 million has been spent on printing equipment for IPMG’s sites throughout Sydney, Melbourne and Brisbane, including a new Sunday 4000 press recently installed at Sydney-based Offset Alpine.

In the 2009 financial year, IPMG Holdings lost $70 million, a significant plummet from its sparkling $5.2 million profit in the 2008 financial year. It also reported revenues of $501.8 million, up by two per cent.

Hannan described 2009 as “a big disappointment” but he remains optimistic of IPMG’s future in the coming year. “We’ve certainly seen the worst and climbing out of it,” he said. “We are putting through some significant wins that will help through the next two-to-three years.”

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