Masterplast Acquires Peer With Glass Wool Plant in Pipeline
Listed building materials maker Masterplast on Wednesday said it signed a contract to acquire Pimco, a company in the process of building a HUF 14.1 billion glass wool plant, according to a report by state news wire MTI.
Preparations for the plant, in Szerencs (177 km northeast of Budapest), are at an "advanced stage" and the Hungarian Investment Promotion Agency (Hipa) has awarded a HUF 5.6 bln grant for the project, Masterplast said.
The 11,500 sqm plant, expected to start production at the end of 2024, will have an annual capacity for around 20,000 tonnes of glass wool insulation, it added.
Masterplast noted that it raised HUF 9.2 bln with a share issue in October and planned to use the proceeds to expand capacity.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.