The Masterplast Group and Market Építő Zrt. signed a strategic cooperation agreement to build two new factories for the production of stone wool insulation in Hungary and Serbia.
Due to the high energy prices, there is an enormous need for insulating materials in the region. The project, in which the partner companies will have a 50% stake, is scheduled to start operation by mid-2024. The two factories will be able to supply the entire region. The investment costs and the specific locations have not been announced for the time being.
The Masterplast Group was founded in 1997, has subsidiaries in 10 countries and sells its products in a further 30 countries. The company’s sales amounted to EUR 191.5 million (HUF 70 billion) in 2021, an increase of almost 64% compared to the previous year.
Founded in 1996, Market Építő Zrt. carries out almost 40 projects a year, covering the entire spectrum of building construction. In the first half of the year, the company’s revenue reached HUF 139.7 billion, 5% above the target set in the business plan.