Beiersdorf has announced that it plans to build a new €230 million headquarters and research center in its home town of Hamburg-Eimsbuttel.

The company’s Executive Board and Supervisory Board green-lighted the project last week and construction is expected to start this year, with completion scheduled for 2021.

“With the construction of our new headquarters in Hamburg, Beiersdorf is sending a clear signal about its future growth. We have been very successful in recent years. We have significantly expanded our international business, developed outstanding innovations and put Beiersdorf on a stable and profitable growth path. This is the result of all our employees’ hard work,” said CEO Stefan F Heidenreich. “Building a new headquarters shows the confidence we have in our business strengths. With this major investment, we are also expressing our commitment to Hamburg and Germany as business locations. Beiersdorf and Hamburg are connected by their open-mindedness and internationality. It’s a good fit.”