COLLINSVILLE, Va. (January 23, 2024) — The Henry County Board of Supervisors approved a $1 million appropriation on Tuesday to repurchase a shell building that the Henry County Industrial Development Authority (IDA) previously sold to German sink manufacturer Schock GmbH in 2021.
The transfer of the building comes after news that the company has opted not to expand its operations into the United States.
“While we are disappointed that this project will not be proceeding as originally planned, we are grateful to have established a relationship with another international business partner,” said Jim Adams, Chairman of the Henry County Board of Supervisors. “This is primarily a business decision on part of the company. The county did its due diligence on this project and ensured safeguards were in place to protect the economic interests of our citizens. We hope to further our relationship with the company in the future and we wish them the best on their endeavors.”
Funds from the original sale of the building were never expended by the county. Publicly funded incentives were offered to the company based on performance but none of those funds were ever spent due to the company’s decision to halt the project.
Schock has made approximately $750,000 in improvements to the building since the initial sale. The building is currently valued at more than $5 million.
“Henry County remains our top choice for investment,” said Ivo Huhmann, Chief Financial Officer for Schock. “Its strategic location, coupled with the robust support from a county known for its business prowess, makes it an ideal choice. Regrettably, the recent economic downturn and subsequent financial challenges have necessitated the reduction of costs and exposures across our company. While it is unfortunate that we are unable to proceed as planned at this time, we maintain a strong connection to Martinsville and Henry County.”
The IDA will own the building and will work closely with the Martinsville-Henry County Economic Development Corporation to market it to other prospective industries.