German company Henkel invests 500 mln yuan for innovation center in Shanghai
German consumer goods company Henkel announced on Friday an investment of about 500 million yuan ($77.7 million) to set up an innovation center in Shanghai.
Scheduled to be completed in 2023, the center will mainly be used to develop adhesives, sealants and functional coatings, with a total floor area of 32,000 square meters, including laboratories, office rooms, a customer experience area, and a display area.
Serving as an important pillar of Henkel's global innovation network, the innovation center will reinforce the company's business foundation in China, said Mark Dorn, president of Henkel Asia-Pacific.
The center is also expected to create a driving force for future business growth in the country and the Asia-Pacific region by leveraging regional innovation strengths, he added.
"China is a major market for Henkel and our investment decision was based not only on the business opportunity but also the unique intersection of innovation, technology and talent that we find here," said Rajat Agarwal, president of Henkel Greater China.
Founded in 1876, the company has about 53,000 employees worldwide, specializing in business including adhesive technology, beauty care and home care.
The company previously participated in the 1st and 3rd China International Import Expo (CIIE), a major fair for global companies to expand their businesses in China. Henkel plans to appear at the 4th CIIE this year.