Masterplast continues expansion of factory in Serbia
Masterplast, Hungarian trading company and manufacturer of thermal insulation materials, launched the second phase of its €8.4 million project in Subotica, Serbia, according to an announcement issued by the company today.
The project, which received a €2 mln Serbian state grant, is expected to create 205 new jobs in the factory once the expansion is complete in 2016. The third phase is scheduled to be wound up in 2017. The company has received a bank loan of €4.3 mln for the expansion, while €2.1 mln will be used from the company’s own resources.
Currently the factory turns out more than 1 million sqm of fiberglass monthly, and this number is expected to reach a monthly 2.5 million sqms by the summer of 2016, and 4 million by the fall of the same year.
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