By Bill Esler | 01/05/2013 10:06:00 AM
NEWPORT, VT - Menck Window Systems of Germany will invest $20 million in a wood window and door factory to open in Newport, VT at the end of this year.
Investment was supported by an unusual Federal EB-5 Immigrant Investor program, which awards U.S. Green Cards to foreign investors of $500,000 or more, who promise to create 10 or more jobs. Menck will hire 140 people to produce its highly durable European-style windows.
Menck Windows International Limited, established in January 2012 in London, England, acts as the global sales operation for its German parent company, Menck Fenster GmbH, which has manufactured windows and doors since 1883. It is based in Hamburg with operations in Schwerin, Germany.
The Menck Window Systems manufacturing facility will be built in Newport, VT, with completion targeted for fourth quarter 2013 and first quarter of 2014, according to an investment group coordinating multiple projects under the EB5 program in Vermont.
Menck will spend $20 million on a to occupy 40,000-square feet in a 75,000 sq.ft. building being established by a Korean biotech company, AnC BIO, also investing in the program.
Privately owned, Menck produces high quality, energy efficient wood windows for commercial and residential applications. Windows are coated or clad in aluminum, with versatile hardware that allows them to open in multiple directions, while sealing tightly when closed.
Menck is expectd to be operating in the fourth quarter of 2013 or first quarter of 2014, according to the Northeast Vermont Development Association.
Rolf Menck is the president of the U.S. Menck Window Manufacturing; Bodo Lisenfeld, a German-born U.S. resident and international businessman,helped bring Menck Windows to Vermont, says NVDA.
Vermont was re-chartered as an EB-5 Regional Center in 2007. The program has brought hundreds of millions in business investment, Two Vermont ski resorts, Jay Peak and Sugarbush, are among other multi-million dollar EB-5 related development projects.
There are now over 220 EB-5 Regional Centers across the country. The Regional Center program attracts foreign investors seeking legal permanent residency and a chance to invest in the American economy. Investors must pledge a minimum of $500,000 to a project within an approved regional center and independently apply for an EB-5 visa. If approved by U.S. Citizenship and Immigration Services (USCIS), foreign investors are granted a conditional two-year green card.