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“The board of directors decided that the strategic focus will continue to be on glass wool production, its technological development and capacity expansion,” Masterplast said, adding that an expansion of glass wool production capacity in Szerencs would be weighed.
The decision to shelve the stone wool plant, a project that would have been undertaken in a joint venture with Hungarian construction company Market Építő, was taken amid a changed business environment resulting in a “deterioration of the key conditions for the implementation of the investment”.
Masterplast’s board also decided to discontinue expanded polystyrene production at its unit in Italy because of unfavourable market conditions.
Masterplast will maintain its strategic presence in the Italian target market and continue commercial activities there.
In order to increase sales in Hungary, Masterplast will restart its EPS plant in Kal (NE Hungary) and ramp up production there.
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