Production is expected to start in H1 2023. The plant's output could exceed 300,000 cubic meters of expanded polystyrene insulation a year.
Masterplast announced earlier in April that it established a JV in Italy with "individuals with wide experience and extensive business relationships in the local building materials market".
"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.
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