Polish-Hungarian factory construction in Szerencs reaches its highest point

An important milestone has been reached in the joint glass wool production development investment of Masterplast and the Polish Selena Group joint glass wool production development investment in Szerencs, which we last wrote about in the summer of 2023, when the cooperation was announced in agreed. Now, Masterplast reports that the general contractor and its subcontractors have kept to the original schedule and the factory building has reached its highest point, which was celebrated by the clients with a topping-out ceremony in accordance with construction industry traditions.

The plant, capable of producing 19,000 tonnes of thermal insulation material per year, could start producing in the first half of 2025 with a workforce of more than 100 people.

HIPA - Nemzeti Befektetési Ügynökség Nonprofit Zrt. has granted HUF 5.645 billion in non-reimbursable state aid for the €47.5 million development. The event was addressed by Péter Szijjártó, Minister of Foreign Affairs and Trade, Zsófia Koncz, Member of Parliament and Deputy Minister of Energy, and Sebastian Dominik Kęciek, Ambassador Extraordinary and Plenipotentiary of the Republic of Poland to Hungary.

Revival of glass wool production in Hungary

After a hiatus of several decades, the production of glass wool thermal insulation materials in Hungary is set to be revived thanks to a Hungarian-Polish partnership, according to the press release. Masterplast Nyrt. In January 2023, purchased 100% ownership of PIMCO Kft., a project company established to develop glass wool production, and then entered into a strategic cooperation agreement with the Polish company Selena FM S.A., and from then on, the parties will participate in the project with a 50-50 per cent share.

"Our major project is going according to plan and our contractors deserve to celebrate. We can start installing the technology during the summer and complete the investment part of the project by the end of the year. Following test production, we will start market release in the first half of 2025, and we will be ready for mass production of plastic and mineral insulation when the European building renovation wave arrives"saidDávid Tibor, president of Masterplast.

"I am very pleased that we have found a strong and experienced business partner in Masterplast and that the results of our cooperation have already been visible so quickly in the form of the building of the insulation material production plant. Our ongoing project, the construction of the PIMCO Kft. glass wool factory, which we are carrying out in a joint venture, opens up a new and promising business sector where we intend to achieve, together with the Masterplast group, a leading position in the process of energy modernisation of buildings in Europe." - emphasized Andrzej Zygadło, member of the Board of Directors of Selena Group responsible for human resources.