Henry County reclaims Shell building, now worth $5M

Odyssey Fields
·2 min read

HENRY COUNTY, Va. (WFXR) — On Jan. 23, the Henry County Board of Supervisors approved a $1 million appropriation to repurchase a shell building that the Industrial Development Authority (IDA) previously sold.

In 2021, Schock GmbH, a German sink manufacturer, purchased the building. However, the company recently decided to not expand its operations to the United States.

Jim Adams, the Chairman of the Henry County Board of Supervisors says they are disappointed that the project did not go as planned but they are grateful to have established a relationship with an international business partner.

“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,” said Jim Adams, Chairman of the Henry County Board of Supervisors.

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County officials said the funds from the original sale were not used and publicly funded incentives were offered to the company. However, that money was never spent due to the company’s decision to stop the project.

Despite Shock GmbH pulling back its decision, the company made about $750,000 in improvements to the building. Now the building is currently being valued at more than $5 million.

“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,” said Ivo Huhmann, Chief Financial Officer for Schock.

Henry County says the IDA will own the building and work with the Martinsville-Henry County Economic Development Corporation to market it to other prospective industries.

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