BRW reports that Visy’s Australian operations will post double-digit increase in profits this year thanks to rising prices and expansion at its flagship paper mill at Tumut, NSW.
Meanwhile, the Hannan family’s wealth fell slightly to $630m from $695m last year however the owner of Independent Print Media Group (IPMG) sill came in as Australia’s 16th wealthiest family. BRW reports that IPMG’s financial result was hit last year by the economic downturn and its $35m purchase of digital marketing company BlueFreeway.
IPMG has invested heavily in printing equipment in Melbourne, Brisbane and Sydney and is pushing ahead with plans to build a $150m printing plant in Sydney.
Despite retiring as joint managing directors last year, Salmat founders Peter Mattick and Phillip Salter have kept their shares in the direct marketing company, which accounts for their increase in wealth to $421m this year from $376 in 2009.The life-long friends still retain no-executive board positions at Salmat and share a small office at the company’s North Sydney headquarters.
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