Brisbane papermaking company iapmas Paperworks has sold its first papermaking and cutting business in Queensland for $4.6 million.
The auction for the Brisbane office of iapmabro Ltd, located in the city’s inner south-west, started at 6pm on Wednesday.
The firm, which manufactures hand papermaking equipment for commercial, academic and scientific institutions, has been operating since 2011.
The company said it had a stable and well-established supply base in Brisbane, with customers including the Queensland Government, Australian Research Council, Queensland University of Technology and the Queensland Department of Education.
“We are proud to have been the first papermaker in Queensland to be selected for a major papermaking contract, which will support our long-term growth,” iapms CEO Chris Wahl said.
The company has been able to secure a contract for 20-25% of its output in the state, which is the third highest in the country.
The Brisbane office, located at 1270 Waverley Road, will be owned by iapmesa Paperworks, and will be managed by David Millington.
“It will be a great asset to the city of Brisbane, and the State Government,” Mr Millingwood said.
“This is a strong market for us, and I’m sure it will be competitive.”
Iapma Paperworks’ first Brisbane office.
Photo: iapmasters/ABC News.
Auctioneer Simon Jones said the firm was pleased to have won the contract.
“I think they have got a fantastic client base and have been able and keen to build up a strong network in Brisbane,” Mr Jones said.
The business had a history of successful papermaking contracts in the area, with iapmmabro winning one of the first contracts in 2012.
Iapmmobro has also been involved in the construction of a new factory at the same site.
In 2016, iapmbro was awarded a $4 million contract for equipment and services.
“We’re looking forward to a strong future in the industry,” Mr Wahl told News Corp. Iapms is one of only a handful of Australian papermakers with a presence in the Brisbane area, which includes parts of Brisbane and the inner north.
Earlier this year, the Queensland Papermakers’ Association launched the Brisbane Papermakers of the Year Award.
It is an annual award that recognizes the best Australian papermaking in Queensland.