Masterplast and Market enter into a strategic agreement

Cooperation between the two major companies in the domestic construction industry is a significant step towards reinforcing Hungarian-owned construction material manufacturing. 

At the press conference held for the occasion, the company leaders explained the background to the development of the cooperation, according to which the mineral thermal insulation industry has experienced increased difficulties in supply in recent years. These difficulties made the work of both the building material industry and the construction segment challenging. Increasing demand for thermal insulation materials further deepened the domestic supply issues and highlighted the adverse effects caused by the lack of Hungarian manufacturer background. The drastically soaring energy prices, the unfolding European energy crises, and the challenges we face due to climate protection that is becoming a matter of urgency foresee the deterioration of the supply of the domestic market and the competitiveness of Hungarian construction industry players in the field of mineral thermal insulation. All these factors made the two major construction companies act, forming a mutual business agreement.

The strategic agreement between Masterplast and Market outlines their firm intent to establish collectively owned rock-wool thermal insulation manufacturing plants that will specifically meet the Hungarian and Central and Eastern Europe region market demands. The new plants could be based in Hungary and/or Serbia, and according to the partners, the initial plans of the first mutual project might be ready in the first quarter of 2023. The two companies organise the joint work within a collectively owned company with a 50%-50% ownership ratio. Due to the projects’ national strategy aspects and in order to fulfil them, the company is planning on taking advantage of government subsidy resources. To make this project a success, Market contributes with decades of experience in general construction, contracting, project management and innovative solutions, while Masterplast adds to the project with experience in construction material manufacturing technology, production management, logistics and commerce.

„Despite the challenging and uncertain economic environment of the past few years, Market Group has invested a great amount of energy into examining, analysing, evaluating and drawing conclusions from the changes related to its specialist trading sector. One of the group’s virtue is responding promptly to all situations and looking at changes as innovations instead of challenges. Lack of construction material, the significant rise in prices, and vulnerability and dependence on manufacturers are phenomenons in the industry that Market wants to change. To be able to do this, we were looking for a partner, and found one in Masterplast, with whom we could complement each other and can maximise the potential in thermal insulation material manufacturing.” – said Sándor Scheer, Founder-Co-owner, Chief Executive Officer of Market Építő Zrt.

“After the successful capital raising on the stock market, we intend to take firm steps towards implementing our mineral wool production plans. Our goal is to build up our manufacturing background as fast as possible, which could lead to strong market positions in Hungary and the surrounding countries. We are delighted to cooperate with another leading Hungarian construction company, and we can take steps forward to strengthen the Hungarian-owned construction material production industry. I believe the Masterplast’s and Market’s collaboration will show an excellent example of the power of a partnership.” – emphasised Dávid Tibor, President of Masterplast.