Masterplast Acquires Peer With Glass Wool Plant in Pipeline

Manufacturing

Listed building materials maker Masterplast on Wednesday said it signed a contract to acquire Pimco, a company in the process of building a HUF 14.1 billion glass wool plant, according to a report by state news wire MTI.

Preparations for the plant, in Szerencs (177 km northeast of Budapest), are at an "advanced stage" and the Hungarian Investment Promotion Agency (Hipa) has awarded a HUF 5.6 bln grant for the project, Masterplast said.

The 11,500 sqm plant, expected to start production at the end of 2024, will have an annual capacity for around 20,000 tonnes of glass wool insulation, it added.  

Masterplast noted that it raised HUF 9.2 bln with a share issue in October and planned to use the proceeds to expand capacity.

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