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Masterplast to acquire German plant

Hungarian building materials company Masterplast said it agreed on Thursday to acquire a plant in Germany from a "recognized" German peer, state news wire MTI reports.

"The agreement covers the assignment of all rights and obligations relating to the plant, including, but not limited to, real estate assets, inventory, sales and supplier contracts, production lines and certain intellectual property rights," Masterplast said in a disclosure posted on the website of the Budapest Stock Exchange.

The plant, in Aschersleben, makes diffusion foils for the building materials industry as well as industrial membranes on a proprietary production line.

Masterplast said it would disclose further details regarding the transaction "after signing the full package of contracts".

Trade in Masterplast shares was suspended on Wednesday pending an extraordinary announcement.