BASF to expand Shanghai Automotive Coatings Base and Upgrade to Asia Pacific Research and Development Center

In order to further comply with urban development planning, help enterprises innovate and upgrade, and accelerate the pace of stock transformation, on May 13, BASF Shanghai Coatings Co., Ltd(BSC) and its long-term partner Shanghai Huayi Group Asset Management Co., Ltdheld a contract signing ceremony for the expansion of the baseIn order to further comply with urban development planning, help enterprises innovate and upgrade, and accelerate the pace of stock transformation, on May 13, BASF Shanghai Coatings Co., Ltd(BSC) and its long-term partner, Shanghai Huayi Group Asset Management Co., Ltd., held a contract signing ceremony for the expansion of the baseUnder the contract, the two companies will expand BASF's first production site in Asia, the Yanhang site, and upgrade it into an Asia-Pacific research and development center focused on environmentally friendly products and solutions, Chairman of BASF Shanghai Coatings Co., LtdZhao Yu and Shanghai Huayi Group Asset Management Co., LtdChairman Yu Yongsheng delivered speeches at the signing ceremony and looked forward to the development planShen Shuhua, General Manager of Shanghai Huayi Group Asset Management Co., Ltd., and Reisman, General Manager of BASF Shanghai Coatings Co., Ltd., jointly signed the contract for the expansion of BASF Shanghai Coatings Co., Ltd.' Yihang Base, which laid a solid foundation for the establishment and development of the Technology Centerit is understood that the first and second phases of BASF BEACH project have been carried out solvent-based products to the production transfer, the current transfer is basically completedThe expansion of the base is a way for BSC to accelerate upgrading and continuously improve its energy level, while further promoting sustainable development and making effective use of costsAt presentThe BSC Base Expansion Project has established a technology center through a partnership with Huayi GroupBASF Shanghai Coatings Co., Ltdis a joint venture between BASF Coatings Co., Ltd., BASF (China) Co., Ltdand Shanghai Coatings Co., Ltd(now "Shanghai Huayi Fine Chemical Co., Ltd.") and was established in 1995, with OEM automotive coatings, automotive parts coatings and motorcycle coatingsBASF accounted for 60% of the total and Huayi fine 40%according to Huayi Group's annual report, BASF Shanghai Coatings Co., Ltdachieved operating income of 3.870.9 billion yuan in 2019, down 3.16% YoY, while net profit was 148.72 million yuan, up 146.52% YoYAccording to the company's operating data compiled by Tujie, the company's operating income fell for the first time in nearly six years, and net profit grew for the first time in nearly five yearsas a global expert in the development, production and sales of innovative sustainable automotive coatings, automotive repair coatings, industrial coatings and decorative paints, BASF's Coatings business is committed to creating advanced solutions that drive performance and new applications to meet the needs of partners around the worldIn 2019, the coatings business generated global sales of approximately EUR 3.75 billionDrSaid, basf Shanghai Coatings Co., Ltdand Shanghai Huayi Group Asset Management Co., Ltdwill further strengthen the close collaboration, with the expansion of the base as an opportunity to continue to take root in the Yanqiao, rooted in the yanbridge, continuous innovation and development, to provide a boost to the economic development of the Bridge