The acquired company owns a 4,3-hectare industrial area in Szerencs, Hungary, for factory construction and an advanced investment project worth 14,1 billion HUF for which HIPA – Hungarian Investment Promotion Agency- provides a 40%, 5,645 billion HUF non-refundable state aid.
According to Masterplast, the purchase of PIMCO Ltd’s 100% shares has been reached with favourable conditions. Due to the highly advanced preparation of the project, Masterplast can save around half a year’s worth of work.
The project company has the necessary construction and environmental protection permits and preliminary agreements with the production technology supplier. The 11500 square meter plant will be capable of producing 20,000 tons of fibreglass thermal insulation. According to plans, production will start by the end of 2024.
The company successfully raised its capital of 9,2 billion HUF in October 2022, primarily to finance fibreglass manufacturing developments. With this recent acquisition, the company’s mineral wool production development plans have started in both product segments, including rockwool and fibreglass.
„We have made a good deal in achieving our strategic goals. The first steps of our rockwool production were to enter into business with Market Zrt. Now, our fibreglass production can be launched with this recent acquisition. Our goal is still the same. We want to develop into a dominant thermal insulation manufacturing company in the Central-Eastern region of Europe and be one of the leading actors in the plastic and mineral thermal insulation systems market.” – said Dávid Tibor, President of Masterplast.
Masterplast Nyrt.
Founded in 1997, the Masterplast group is one of the leading building material producer and distributor companies in the Central Eastern European region. The company group owns subsidiaries in 10 countries, and sells products in a further 30 countries. The company is registered in the premium category on the Budapest Stock Exchange, and had revenue of 201,8 million euros in 2022.