The Fortune 500 company BASF signed a high-end skincare product technical upgrade project via video link on Thursday, with a total investment of about 280 million yuan (41.6 million U.S. dollars) in Shanghai.
Under the framework of the project, production lines of Uvinul A Plus, an organic compound used in sunscreens, will be upgraded at the company's Care Chemicals Jinshan production site in Shanghai.
The project is expected to build the Jinshan production site into a headquarters base, integrating production and sales of high-end cosmetics raw materials and skincare chemicals amid Shanghai's latest efforts to rev up its resumption of production.
Despite the city's fresh outbreak, the company has maintained over 80 percent of its regular production capacity thanks to joint efforts and support from the local government, said Jia Peishi, general manager of BASF Care Chemicals (Shanghai) Co., Ltd.
The local industrial park, where the Jinshan production site is located, has also developed a self-help logistics mechanism and temporary supply chains for its enterprises to ensure the smooth transport of production materials during the strong virus rebound.
After operations, the newly signed project will not only meet the domestic market needs but also export its products to Japan, the Republic of Korea, Southeast Asia, and other international markets.