The Hungarian construction material manufacturing company MASTERPLAST Plc. has informed investors that this Wednesday, it signed a joint document with the Polish firm Selena FM S.A. to implement an investment in the production of glass wool in the framework of a strategic cooperation.
According to the statement, Selena FM S.A., a globally experienced Polish manufacturer and distributor of construction materials listed on the Warsaw Stock Exchange, will carry out a capital increase of EUR 10 million in the glass wool manufacturing project company PIMCO Ltd.
The signing parties will organize their collaboration in PIMCO Ltd., operating with a 50-50 ownership ratio, where during the operational phase, management rights will be exercised by MASTERPLAST Plc.
MASTERPLAST informed investors that, thanks to the favorable conditions of the acquisition implemented in PIMCO Ltd., a 4.3-hectare industrial area prepared for factory construction and an advanced glass wool manufacturing investment project are available, for the implementation of which a nonrefundable state subsidy of HUF 5.645 billion is provided by Hungarian Investment Promotion Agency (HIPA).
According to the information already published, the production investment with a planned annual capacity of 19,000 tons worth ~47.5 million euros will be implemented in Szerencs, NE Hungary, where production is expected to start in the first half of 2025.
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