(Host) Several hundred jobs are expected to be created in Newport when a South Korean biotechnology company opens a research and manufacturing facility.
The company AnC Bio announced on Friday that its medical equipment factory will take over space that once housed a clothing manufacturer.
Bill Stenger of Jay Peak is working with AnC on the project. He says there will be jobs for Newport residents and for many former Vermonters who would like to move back.
(Stenger) "It’s several, several hundred jobs directly in Newport and many hundreds more indirect that will affect all of this county and the northern region of Vermont."
(Host) AnC Bio makes a variety of medical supplies, including artificial organs and equipment such as heart-lung pumps. It also does stem cell research and makes vaccines.
The old clothing factory will be renovated and expanded to accommodate the new company.
The South Korean firm was attracted to Vermont through the federal "EB-5 program."
That’s a program that helps foreign investors gain residency in the United States in return for creating jobs.
Senator Patrick Leahy has been a big advocate of the program. And he says this is the biggest project in Vermont that’s used the EB-5 benefits.
(Leahy) "You know, success breeds success. If this works out well, as I expect it will in Newport, it’s going to attract others into our state. They’re going to see a track record. Why not go to Vermont."
(Host) Other companies have also taken advantage of the EB-5 program, including the neighboring Jay Peak Resort.