Masterplast said it has established an Italian subsidiary to sell insulation on the local market. Masterplast owns a 51% stake in Masterplast Italia, while the co-founders are "individuals with wide experience and extensive business relationships in the local building materials market".
The company also said it plans to start production in Italy after the launch of the commercial subsidiary. It is "examining several options", involving an investment of "approximately EUR 10 million" if it decides on a greenfield investment and "more than EUR 20 mln" in the case of an acquisition.
"With the dynamic growth of its operations in Italy, Italy could become one of the group's most important markets, generating sales of more than EUR 20 mln by 2023," Masterplast said.
Masterplast had revenue of EUR 191.5 mln last year. In guidance issued in January, it put 2024 revenue over EUR 300 mln.
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