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Masterplast establishes unit in Russia

Hungarian building materials maker Masterplast on Thursday said it established a unit in Russia with startup capital of $100,000.

Masterplast Rus will open up its first base in Aksay, near Rostov-on-Don, in southern Russia. It will rent a warehouse and office there.

Richard Havasi, the managing director of the new unit, told MTI that Masterplast would start selling products that can be delivered cheaply, such as fiberglass mesh, roofing foil and foam tape.

Asked how much turnover the unit was expected to generate, Havasi said it was too early to say.

The insulation market in southern Russia is developing as people try to stay cool in the summer rather than save on heating costs in the winter, although this too could become more important in the future.

Masterplast, established in 1997, has units in 13 countries. It had revenue of €85.2m in 2010.

Masterplast converted into a public company (Rt) from a private one (Zrt) in the spring as part of its mid-term strategy to float its shares.