MASTERPLAST Acquires Glass Wool Production Investment

MASTERPLAST, the largest Hungarian-owned building materials manufacturer in the Central European region, has announced on the website of the Budapest Stock Exchange that it entered into a sales and purchase agreement for the acquisition of 100% of the shares PIMCO Ltd. This makes MASTERPLAST the sole shareholder of PIMCO Ltd.

PIMCO Ltd. has a 4.3-hectare industrial site prepared for factory construction and a glass wool production investment project with an advanced stage of preparation, a value of HUF 14.1 billion in Szerencs, NE Hungary, for the implementation of which the Hungarian Investment Promotion Agency (HIPA) is providing 40% non-refundable state aid of HUF 5.645 billion.

Owing to the favorable terms of the acquisition, the high level of preparation of the investment will also result in significant time savings of approximately six months. PIMCO Ltd. has the necessary building and environmental permits and has also preliminary agreements with the supplier of the production technology.

The new 11,500 square-meter plant will be capable of producing around 20,000 tons of glass wool insulation material per year, with production expected to start at the end of 2024.

In October 2022, MASTERPLAST Plc. successfully completed a HUF 9.2 billion capital increase with the aim of using the fresh funds to finance mainly mineral wool production development. The company’s mineral wool production development plans are now in the implementation phase in both targeted product segments, with the launch of the strategic agreement with the construction firm Market Plc. for stone wool production and the recent acquisition for glass wool production.