Masterplast Boosts Stake in Italian Business
Listed Hungarian building materials maker Masterplast on Thursday said it agreed to acquire a 44.5% stake in Masterplast Italia, boosting its share in the Italian business established a year earlier to 95.5%, according to a report by state news wire MTI.
Masterplast announced the establishment of the Italian subsidiary, with a 51% stake, in April 2022. It said the business's co-founders were "individuals with wide experience and extensive business relationships in the local building materials market".
In September, Masterplast said the unit decided to launch production of insulation at an existing production facility in Calerno. When the plant reaches full capacity, it could add EUR 15 million a year to Italian sales, it added.
Masterplast's turnover in Italy came to EUR 13.6 mln last year, accounting for 7% of total revenue, the company's latest earnings report shows.
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