The building materials manufacturer Masterplast Nyrt. acquires Pimco Kft. and takes over an important project in Szerencs. Pimco Kft. is building a glass wool plant on 4.3 hectares at a cost of HUF 14.1 billion (EUR 36 million).
The Hungarian Investment Promotion Agency (HIPA) is providing more than HUF 5.6 billion (EUR 14.3 million). The new plant with an area of 11,000 square meters expected to start production at the end of 2024 and will produce 20,000 tons of insulation material annually.
As the largest Hungarian building materials manufacturer, Masterplast expects sales of EUR 202 million and profits of EUR 15.5 million this year. The Pimco takeover was funded by shares the company floated on the Budapest trading floor in the autumn, valued at HUF 9.2 billion (EUR 23.5 million).