Masterplast Nyrt. and the Polish firm Selena FM S.A. entered into a conditional investment agreement on cooperation in PIMCO Kft. Selena FM S.A. will carry out a capital increase of EUR 10 million in the glass wool manufacturing project company PIMCO Ltd. The 50 percent share acquisition by Selena FM S.A. is subject to the approval of the Competition Authority.
Pimco has a 4.3 hectare industrial site in Szerencs, prepared for factory construction, supported by a non-refundable HIPA investment grant of HUF 5.645 billion (EUR 14.6 million). The project company also holds the necessary construction and environmental permits. With an investment of EUR 47.5 million, the new plant with an area of 11,500 square meters will be able to produce around 19,000 tonnes of glass wool insulation materials annually. Production is expected to start in the first half of 2025.