Under the agreement, Masterplast and Market Épitő would establish one or two 50%-50% joint ventures in Hungary and/or Serbia, with Masterplast exercising management rights. New mineral wool factories would be set up, supported by state funding, and their output purchased by Market Építő for construction projects and by Masterplast for its commercial activities.
The partners will work out the details of the cooperation by the first half of February 2023.
Market Építő brings its decades of experience in building construction to the partnership, while Masterplast is contributing its know-how related to building materials production, shipping, and sales.
At a press conference early Friday, Masterplast chairman Dávid Tibor pointed to "enormous demand" in the region for insulation materials amid persistently high energy prices.
Market Építő chairman Sándor Scheer said getting building materials has become a "serious challenge" for construction companies, adding that the pandemic highlighted Hungary's vulnerability as it must rely on imports of insulation materials.
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