Albert Naggar, a Manhattan-based investor and owner of Tipp City manufacturer Process Equipment Co. (PECo), has received permission from U.S. Citizenship and Immigration Services to accept investments from immigrants.

Albert Naggar, a Manhattan-based investor and owner of Tipp City manufacturer Process Equipment Co. (PECo), has received permission from U.S. Citizenship and Immigration Services to accept investments from immigrants.

The company received approval to be a participant in the Immigrant Investor Program, according to a letter dated Thursday from the U.S. Department of Homeland Security, U.S. Citizenship and Immigration Services. Naggar shared the letter with the Dayton Daily News.

The program was created by Congress in 1990 to draw capital investment by foreign investors. Certain visas also are set aside for investors in “regional centers” designated by the federal government based on investment proposals.

Naggar will be able to pursue immigrant investment in Montgomery, Greene, Miami, Clark, Butler, Warren and other Ohio counties, as well as parts of Indiana and Kentucky, according to the U.S. Citizenship and Immigration Services document.

“This is a great achievement and opportunity for PECo,” Naggar wrote in an email. He did not immediately respond to a question about his plans for investment dollars or how much he has raised so far.

In June, Naggar and PECo elected not to consolidate several of PECo’s locations in Tipp City and Huber Heights to a vacant West Dayton industrial site. Naggar wrote to Dayton city government saying the condition of the considered site on McCall Street was not acceptable. That letter terminated a contract of sale on the building with the city.

The move to the 348,000-square-foot building on McCall would have brought 250 jobs to Dayton over five years.

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