Masterplast expands to Italy
Listed Hungarian building materials maker Masterplast on Wednesday announced its expansion onto the Italian market, according to a report by state news wire MTI.
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.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.