Company to build Vt. biotech plant

Friday August 5, 2011

NEWPORT (AP) -- A biotechnology company is bringing jobs to Vermont.

Gov. Peter Shumlin and U.S. Sen. Patrick Leahy joined Jay Peak ski area President Bill Stenger Friday to announce a plan by a South Korean biotechnology company, AnCBio, to build a facility in Newport that will eventually employ about 200 people.

The project is being put together by Stenger who is working with the South Korean company to build the $50 million plant. ANC Bio develops and manufactures artificial organs.

It will take advantage of the so-called EB-5 visa program that brings foreign capital to the United States. Leahy calls it a federal job creation program that will have zero impact on the federal budget and help Vermont communities.


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