NEWPORT CITY â€“ A manufacturer of medical equipment is getting closer to moving its operations to Newport, and this one isn't from South Korea, but from Lyndonville.
Realtor Jim Campbell said Numia Medical Technology will purchase the former Teddy Bear property just off the Lake Region Road on Friday. The property is about 25,000 square feet.
According to the companyâ€™s website, Numia Medical Technology specializes in the development, testing and manufacturing of infusion devices.
â€śItâ€™s not a startup company,â€ť said Campbell. â€śItâ€™s a great company.â€ť
Campbell stressed that Numia Medical Technology is a different company than the biotech center that is looking to move into the former Bognor plant.
Numia Technology should be up and running in its new plant by the end of the year, Campbell said. Numia is buying the entire property, which includes two buildings. Campbell said for now the company will only use one building. The former Vermont Teddy Bear Factory is the only property the firm considered.
â€śItâ€™s set up for manufacturing and it falls for typical use so they donâ€™t need a whole lot of permits,â€ť said Campbell. Campbell is also pleased the company is moving to Newport. â€śThis is a company that wants to move here and establish roots here.â€ť
Campbell predicts this company and a biotech research center that also wants to move to the area will help reduce the high unemployment rate. He said some new people will move to the area, which will help local merchants. Campbell also said the company is environmentally friendly.
Campbell decline to give specific details about the sale agreement. However, he said the listed price for the property was $1.2 million.