Masterwool MW-1 d.o.o., the subsidiary of Masterplast Nyrt. will set up a production plant for stone wool in the Serbian Vojvodina. The Serbian subsidiary is 51% owned by Masterplast.
The investment of the project with an expected annual capacity of 30,000 tonnes amounts to approx. EUR 20 million. The financing is to come from the company’s own funds and state funds from the Foreign Market Growth Support Programme of the Ministry of Foreign Affairs and Trade.
Construction materials manufacturer Masterplast had sales of HUF 70 billion (EUR 172 million) last year, up 64% year-on-year. Taxed profit rose 2.5 times to almost HUF 5.8 billion (EUR 14.2 million).