October 6 (SeeNews) - Hungarian thermal insulation materials manufacturer Masterplast said on Friday it plans to invest 6.7 million euro ($7.8 million) in its factory in Subotica, in Serbia's northern autonomous province of Vojvodina.
The company plans to increase the annual fibreglass mesh production capacity of the factory by 20 million square metres to 90 million sq m and to open 105 jobs, Masterplast said in a statement.
Moreover, the investment will allow Masterplast to start production of new types of fibreglass in Subotica, as well as specialised composite glass fabrics for general industrial use.
Masterplast plans to finance 35% of the investment through a grant from the Prosperitati Foundation which focuses on supporting the Hungarian ethnic minority in Vojvodina, the company noted.
In Subotica, the company produces corner bead profiles with mesh. The factory was opened in 2008 after a 1.2 billion forint ($4.7 million/4 million euro) investment.
($ = 0.85487 euro)