Business feature reporting the cancellation of a $20 million immigrant-funded development in Newport, Vt. / 1420 words / VTDigger.org
More than a year in the making, plans to bring German window manufacturer Menck to Newport, Vt., have fallen through.
Developer Bill Stenger said the parent company’s new equipment requirements would cut into the plant’s job creation projections. It turns out slow sales projections and facility constraints also played a role.
Menck still is moving forward to establish itself in North America: but not in Vermont, and not with funding from federal “EB-5” immigrant investments.
Job creation and generally boosting economic activity is the program’s stated goal — and also, in Menck’s case, the hitch.