NEWPORT â€“ A German window manufacturer plans to open its North American headquarters right in Newport.
Menck Windows is slated to open on the proposed biotechnology campus. The former Bogner facility off the Lake Road in Newport was already purchased for development. The window manufacturer will open a 40,000 square foot facility on the 40 acre campus.
Bill Stenger of Jay Peak Resort unveiled the surprise plans at a conference last week at the resort, and again in Newport with his partners and Vermont's congressional delegation alongside him.
Menck Windows is a family run business that has been going strong for 130 years. It specializes in energy efficient windows. Stenger said the business is a perfect fit for Vermont as it is family run and environmentally conscious. The manufacturing facility will employ about 140 workers. Menck Windows uses a patented triple glazing system to produce some of the most energy efficient windows in the world, Stenger explained.
The total investment for the manufacturing company is estimated at $20 million. The timeline for the project is slated for the end of 2013 and the first part of 2014.
According to Newport Zoning Administrator Paul Dreher, developers have applied for a subdivision permit and will have permit in hand by Friday. No other permits have been applied for yet for the project, but Dreher didn't anticipate any problems as Newport's new form based zoning will streamline the process.
The project is one of several unveiled by Stenger and his partners. The total price tag on all projects is $500 million, with about 5,000 permanent full-time jobs. All project funding is expected to come through the federal EB-5 foreign investor program. Foreigners wishing to live in the U.S. can invest $500,000 in an area with high unemployment and in return receive a Green Card for themselves and immediate family members. The investment must provide at least 10 full-time jobs.
The program just received a three year extension. President Barack Obama signed the bill into law last week.
Stenger has already traveled overseas to promote the program.