Serbia: Masterplast, Hungarian trading company and manufacturer of thermal insulation materials, has launched the second phase of its Euro8.4m project in Subotica, Serbia.
The project, which received a Euro2m Serbian State grant, is expected to create 205 new jobs at the plant once the expansion is complete in 2016. The third phase is scheduled to be wound up in 2017. The company has received a bank loan of Euro4.3m for the expansion, while Euro2.1m will be used from the company's own resources.
Currently the plant produces 1Mm2 of fibreglass insulation. This is expected to grow to 2.5Mm2 in the summer of 2016 and to 4Mm2 in the autumn of 2016.
