The Associated Press August 5, 2011, 12:06PM ET

Korean company to build biotech plant in Vt.

Vermont Gov. Peter Shumlin and U.S. Sen. Patrick Leahy are going to announce a plan by a South Korean biotechnology company to build a facility in Newport, Vt. that will eventually employ about 200 people.

The announcement is planned for Friday in Newport.

The project is being put together by Jay Peak ski area president Bill Stenger who is partnering with South Korean company AnC Bio to build a $50 million plant that will be called AnC Bio Vermont.

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