Ciba Specialty Chemicals, a Swiss company, is building Asia's largest antioxidant plant on Jurong Island, Singapore's petrochemical center, according to Channel NewsAsia report Wednesday.
To be completed by 2008, the plant worth 100 million U.S. dollars is Ciba's single largest investment in the region.
Antioxidant is a petrochemical derivative used extensively in the manufacture of plastic products, the report said, adding that the demand for plastic-related products is estimated to double in two decades.
The new facility will help increase the company's revenue generated from Asia, which accounted for about 30 percent of its total global sales last year.
Ciba has invested more than 382 million U.S. dollars in Asia over the past decade and its revenue has grown 50 percent since 1997.