Dynamic insulation and packaging specialist Hirsch Servo Group plans fresh growth with a scheme for another insulating panels plant in the Ukraine.
It was only last year, that the Austrian group's offshoot Hirsch Porozell acquired its first foam packaging and insulation production unit in Ukraine, in the western city of Beregovo near the Hungary border.
Now the company, with four plants alone running in neighbouring Romania, is understood to be preparing to add a second EPS insulation facility in Ukraine.
Not only that, but regional media is reporting the group has its sights set on opening its first operation in the Central Asia state of Uzbekistan.
Hirsch Servo group, based at Glanegg in the Carinthia region of Austria, appears to be in a strong position to expand further. It has achieved record financial results with revenue up 17% to €117m and pre tax earnings one and a half times greater at €12.6m in the year to March 2018.
What is more, the group forecasts its sales this year will more than double to around €250m after significant capacity expansion across Germany in early 2018. Its insulation division acquired three EPS insulating board plants from Rigips GmbH, a part of the materials business of France's Saint-Gobain group.
The change of ownership involved the plants at Rheda-Wiedenbrück in North Rhine-Westphalia, Ebrach in central Germany and Grombach in the south all from group subsidiary Saint-Gobain Rigips GmbH.
In addition, Hirsch Servo has agreed to take over control of a further four plants in Germany through its acquisition of a 66% stake in IsoBouw, the local materials offshoot of Synbra group.
Apart from making packaging and insulation, Hirsch Servo companies manufacture machinery for processing EPS and EPP shape-moulded parts and insulation.
Hirsch Servo expanded its engineering capacity at Glanegg late last year with the launch of a new 1,300m2 foam insulation block mould production hall. The new 14m high building, equipped with two 25 tonne heavy duty cranes was added next to an existing mechanical engineering and construction hall on the group's main Austrian site.