By Joshua Stein

 

Skincare company Beiersdorf AG will invest more than 60 million euros ($71.1 million) into a new technology center in Hamburg, Germany, to provide room for cosmetic innovation from outside of the company.

The German company, which owns skincare brands including Eucerin, Nivea and Elastoplast, said Thursday the new center will invite cooperation from customers and institutions including universities and research institutes.

"The excellent technical equipment will allow us to shorten the time needed to develop and test prototypes and new products and to make them marketable," Beiersdorf Chief Executive Stefan De Loecker said.

Beiersdorf, which is a DAX company, said the technology center will be finished by 2024. It will be part of the new Beiersdorf Campus, which has received funding of over EUR500 million.

 

Write to Joshua Stein at joshua.stein@wsj.com

 

(END) Dow Jones Newswires

November 19, 2020 10:38 ET (15:38 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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