It has been announced that the Hungarian Bank for Investment and Development Rt (MBFB) has sold its 33% stake to the Japanese majority owners, of Hungary“s only operating glass wool company Salgotar…
It has been announced that the Hungarian Bank for Investment and Development Rt (MBFB) has sold its 33% stake to the Japanese majority owners, of Hungary“s only operating glass wool company Salgotarjani Uveggyapot Rt (Salgotarjan Glass Wool). As a result of the transaction, the Japanese group of investors comprising Nittoboseki, Tomen, Paramount Glass MFG, JAIDO and Nippon Investment and Financial Co. has acquired a nearly 78% stake in Salgotarjan Glass Wool, which has registered capital of HFt 673 million. Of the remainder of the shares, the International Finance Corporation (IFC), a World Bank affiliate, holds 17% and a Hungarian holding company Skala-Coop Rt. holds 5%. Salgotarjan Glass Wool was established in 1987 with a Hungarian-held majority stake. The company produces felt, board, pipe cover, blowing-wool and lamell mat under the trademark “Therwoolin” based on Japanese licence and technology. Salgotarjan Glass Wool sells two thirds of its production domestically for home insulation. The company has an estimated 75-80% share of the Hungarian glass wool insulation market. Salgotarjan Glass Wool had net sales of about HFt 1.6 billion last year and made a profit. The company projects it will increase sales by 16% this year and plans to invest HFt 350 million in the renovation of its furnace. Salgotarjan Glass Wool employs a work force of 170. The company received the DIN and O-NORM quality certificates in 1992 and also has EMI certification.