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Masterplast to invest EUR 6.7 mln at Serbian unit

Int’l Relations

Hungarian building materials producer Masterplast said Friday it will invest EUR 6.686 million at its fiberglass mesh plant in Subotica, Serbia, to broaden its production palette and boost capacity, according to state news wire MTI.

The investment, scheduled to be completed next year, will increase the plantʼs production capacity by 20 million square meters to more than 90 mln sqm of fiberglass mesh a year, creating 105 jobs.

Masterplast has won a grant covering 35% of the investment costs from the Prosperitati Foundation, the Hungarian governmentʼs instrument for paying out support to local businesses in Vojvodina, an area of Serbia with a large ethnic Hungarian population.

Signing the grant for the investment in Subotica on Friday, Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó said the government is offering Hungarian businesses in Vojvodina HUF 30 billion in grant money and HUF 30 bln in preferential credit in 2016-2018.   

Masterplast has units in nine countries in addition to Hungary.    The company posted revenues of EUR 80 mln in 2016.

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