HENRY COUNTY, VA – German sink manufacturer Schock GmbH has opted not to expand its operations into the United States.
The Henry County Board of Supervisors approved a $1 million appropriation on Tuesday to repurchase the shell building that the Henry County Industrial Development Authority previously sold to the company in 2021.
“This is primarily a business decision on part of the company,” said Supervisors Chairman Jim Adams. “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, according to a news release from the county.
The county says 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.
“Regrettably, the recent economic downturn and subsequent financial challenges have necessitated the reduction of costs and exposures across our company,” Schock Chief Financial Officer Ivo Huhmann stated. “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 with the Martinsville-Henry County Economic Development Corporation to market it to other prospective industries.
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