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Hungarian building materials maker Masterplast on Friday said it established a joint venture, called Masterplast Nonwoven, to acquire a plant of German peer LHB in Aschersleben, state news wire MTI reports.
Masterplast owns 50% of the JV but has exclusive management rights. LHB founder Hartmut Layer owns the other 50% stake.
The JV will start operation on July 1, 2020 with the acquisition of the Aschersleben plant.
Masterplast announced in May that it would set up the JV which would acquire the plant.
Annual sales of the JV, which will make special fleeces and multilayer membranes for the healthcare and construction industries "could exceed EUR 15 million", Masterplast said.