The company specializing in thermal insulation manufacturing wants to set up a rockwool manufacturing plant in Serbia. For the implementation of this investment worth 20 million EUR, Masterplast applied for subsidy from the government, which shows encouraging results, says the group.
The company previously applied for a subsidy to support its modern rockwool manufacturing capacity expansion within the framework of the Foreign Markets Growth Support Scheme launched by the Ministry of Foreign Affairs and Trade. After accepting their proposal, a cooperation agreement was signed between Masterplast Nyrt. and the Hungarian Export Development Agency (HEPA). During this cooperation, the proposal’s content and format were evaluated and forwarded to the ministry for approval. The Minister of Foreign Affairs and Trade or his Deputy will make the final decision and determine the amount of the grant – suggests the Hungarian Export Development Agency’s report, issued today.
According to Masterplast the new rockwool manufacturing plant could be established in the city of Sremska Mitrovica, which is in the southern area of Vojvodina, Serbia. The new plant could have a production capacity of 30,000 tons rockwool thermal insulation material per year. The modern and eco-friendly plant will have an electrical energy supply that will comply with ESG and sustainability legislations. The significant project worth at least 20 million EUR is still in the planning phase, and final investment decisions are affected by the government’s decision to grant subsidy to the company.
“Today, we got closer to manufacturing rockwool thermal heating material as a Hungarian company. Vojvodina is an excellent area for the plant where energy supply for stable manufacturing is provided at a compatible rate. Rockwool thermal heating material is the fastest expanding segment of the industry as these materials have the best heating indicators, excellent soundproofing qualities, and fire-resistant features, which make them fall into the premium product category. Mineral wool thermal insulations can be used on all types of buildings and structures. Production of wool thermal insulation will significantly improve the company’s competitiveness and business outlooks, of which we will inform our shareholders at our next conference held on the 20th of September.” – added Dávid Tibor, president of Masterplast.
Masterplast Nyrt.
Founded in 1997, the Masterplast group is one of the leading building material producer and distributor companies in the Central Eastern European region. The company group owns subsidiaries in 10 countries, and sells products in a further 30 countries. The company is registered in the premium category on the Budapest Stock Exchange, and had revenue of 145,2 million euros in 2023.