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Investment and export records will be broken in Hungary again this year, with working capital coming into the country doubling last year’s EUR 13 billion, said Tamás Menczer, Minister of State for Bilateral Relations. Hungarian exports increased from EUR 142 billion in 2022, to EUR 150 billion in 2023, he added, after the inauguration of the EUR 3 million polystyrene insulation materials plant of Masterplast in Calerno, northern Italy.
On Masterplast’s greenfield investment, Tamás Menczer pointed out that the company is an important player in the investment strategy and a key export partner of the government.
Dávid Tibor, President and CEO of Masterplast, stressed at the factory opening ceremony that
this is an investment of historic economic importance, as no Hungarian company has started a new production base in Italy since the fall of communism.
He added that the company would further expand the capacity of its insulation materials production base in the country.
In a statement, the company stressed that it expects strong demand, as a significant part of the building stock is not insulated and has low energy efficiency.
The company forecasts that sales could increase by EUR 15 million once the new production base is at full capacity.
The market activity of the Italian subsidiary will focus mainly on the distribution of insulation products manufactured in-house, supported by the development of an efficient distribution and logistics system. Masterplast now has manufacturing operations in five countries and the company’s production capacity for thermal insulation materials has tripled with improvements in the last two years.
Via MTI, Featured image: Facebook/Masterplast