South Korea company to locate in Henry County

March 5, 2026March 5, 2026

Governor Spanberger Announces More Than $18 Million Investment in Henry County from Fukoku Korea

Automotive Parts Manufacturer to Create 60 New Jobs in the Commonwealth

RICHMOND, VA — Governor Abigail Spanberger today announced that Fukoku Korea plans to invest $18.9 million to establish a new manufacturing plant in Henry County, which will create 60 new jobs in Virginia. Operating out of the Patriot Centre Industrial Park, the South Korea-based company will use the facility to manufacture rubber damper pulleys for automotive engines and thermal gap fillers for electric vehicle (EV) batteries.

“Fukoku Korea’s decision to establish its first manufacturing operation in Virginia highlights the Commonwealth’s strength,” said Governor Abigail Spanberger. “This exciting investment will create 60 new jobs in Henry County and bring even more innovative manufacturing to Southern Virginia. Fukoku Korea’s investment should serve as an example for all international companies: Virginia is ready to help you establish, grow, and succeed in the U.S. market.”

“Virginia continues to attract global manufacturers because of our skilled workforce, prepared sites, and strong local and regional partnerships,” said Secretary of Commerce and Trade Carrie Chenery. “Fukoku Korea’s new facility in Henry County reinforces Southern Virginia’s role in the automotive and EV manufacturing ecosystem while creating new career opportunities for hardworking Virginians. We are proud to welcome Fukoku Korea to the Commonwealth and to support their long‑term success as they expand their American operations.”

“We are excited to establish our new manufacturing facility in Henry County and expand our presence in the United States. Virginia offers a strong business environment, a skilled workforce, and outstanding support from state and local partners,” said Fukoku Korea CEO Ikjun Kwon. “This investment marks an important step in our long-term growth strategy and strengthens our commitment to serving our automotive customers in North America.”

Founded in 1987, Fukoku Korea is a global manufacturer of specialized automotive components, focusing on rubber-based products and engine parts designed to reduce noise and vibration. Fukoku supplies products for major automakers including Hyundai, GM, and Ford. To support the expansion, Fukoku Korea has established FKC America, a new business entity that will serve the American market.

“Our community has long held a deep appreciation and love for cars and the automotive industry, so we are especially proud to welcome a company that produces critical engine components to Henry County,” said Henry County Board of Supervisors Chairman Jim Adams. “FKC America’s decision to locate in the Lot 8 Shell Building at Patriot Centre Industrial Park is a powerful vote of confidence in our workforce and in the investments we have made to prepare for opportunities like this. This international partnership brings quality jobs, new investment, and continued momentum to our region, and we are excited to see their success take root here.”

“Fukoku Korea’s plant will help rev up the economy in Southside and Southwest Virginia, with 60 good-paying manufacturing jobs and a nearly $19 million investment,” said Senator William M. “Bill” Stanley. “Our well-trained workforce in Henry County and beyond stands ready to take the company’s plans over the finish line.”

“This $18.9 million investment by Fukoku Korea is a strong vote of confidence in Henry County’s workforce and business climate,” said Delegate Eric Phillips. “Sixty new jobs mean real opportunity for our families and continued momentum for Southern Virginia. I’m proud to welcome Fukoku to the Commonwealth and to Henry County.”

The Virginia Economic Development Partnership (VEDP) worked with the Martinsville-Henry County Economic Development Corporation to secure the project for Virginia. Governor Spanberger approved a $500,000 grant from the Commonwealth’s Opportunity Fund to assist Henry County with the project. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program (VJIP), which provides consultative services and funding to companies creating new jobs to support employee recruitment and training activities. As a business incentive supporting economic development, VJIP reduces the human resource costs of new and expanding companies. VJIP is state funded, demonstrating Virginia’s commitment to enhancing job opportunities for citizens.

Congressman Morgan Griffith celebrates $18.9 million manufacturing plant investment in Henry County

Thursday, March 5, 2026 – Virginia Governor Abigail Spanberger announced an $18.9 million investment from Fukoku Korea to establish a manufacturing plant in Henry County, Virginia. According to a press release, this investment will support 60 new jobs. Following news of this announcement, U.S. Congressman Morgan Griffith (R-VA) issued the following statement:

“International companies like Fukoku Korea continue to rely on communities in Virginia’s Ninth District to develop manufacturing operations.

“I am excited that Fukoku Korea has placed its trust in Henry County as the site for this nearly $19 million investment. This investment will go a long way in supporting local manufacturing jobs, encouraging potential business growth and inspiring hope for more opportunities.”

BACKGROUND

According to Argus Media, Fukoku Korea is a consolidated subsidiary of Japan-based Fukoku. Fukoku has maintained a U.S. presence since 2001.

Fukoku Korea makes specialized automotive components, including rubber-based products and engine parts. The Henry County plant will manufacture rubber damper pulleys for automotive engines and thermal gap fillers for electric vehicle (EV) batteries.

The shell building, which was built in 2014 for $3.2 million, has 90,000 square feet of manufacturing space and 5,500 square feet of office space, according to the Martinsville-Henry County Economic Development Corp. website. It sits on a 15-acre lot with an 11-acre graded pad.

FKC America paid about $4 million for the shell building and property, according to Henry County Administrator Dale Wagoner.

In 2021, then-Gov. Ralph Northam announced that Schock GmbH, a German Quartz composite sink manufacturer, planned to build an $85 million manufacturing facility on Lot 8 at the Patriot Centre, creating 355 jobs. The company invested about $750,000 in work on the building, but later decided not to move forward with a U.S. investment.

In 2024, the Henry County Board of Supervisors voted to buy back the shell building for $1 million, the amount Schock paid in 2021.

Artemis II: Crew exits spacecraft after successful splashdown

The Artemis II crew floats in the Pacific Ocean of the coast of San Diego after splashing down, April 10, 2026. (NASA)

(NEW YORK) — NASA’s Artemis II mission lifted off on April 1 at 6:35 p.m. ET from the Kennedy Space Center in Florida.

The four-person crew completed a 695,081-mile, 10-day journey around the moon, also known as a lunar fly-by.

A “textbook” splashdown took place at 8:07 p.m. ET on Friday, April 10.

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Federal Reserve holds interest rates steady

Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Markets Committee meeting at the Federal Reserve on December 10, 2025 in Washington, DC. (Chip Somodevilla/Getty Images)

(NEW YORK) — The Federal Reserve held interest rates steady on Wednesday, ending a string of three consecutive quarter-point rate cuts as the central bank grapples with a combination of elevated inflation and sluggish hiring.

The move marked the first interest-rate decision since news surfaced earlier this month of a federal criminal investigation into Fed Chair Jerome Powell.

The choice to maintain interest rates at their current level aligned with a cautious approach outlined by Powell last month, before reports of the investigation into his conduct.

“We’re well positioned to wait and see how the economy evolves,” Powell said at a press conference in Washington, D.C., on Dec. 10.

The benchmark rate stands at a level between 3.5% and 3.75%. That figure marks a significant drop from a recent peak attained in 2023, but borrowing costs remain well above a 0% rate established at the outset of the COVID-19 pandemic.

Futures markets expect two quarter-point interest rate cuts this year, forecasting the first in June and a second in the fall, according to CME FedWatch Tool, a measure of market sentiment.

The investigation into Powell ratcheted up an extraordinary clash between the nation’s top central banker and the White House, which has urged the Fed to significantly reduce interest rates.

The federal probe appears to center on Powell’s testimony to Congress last year about cost overruns in a multi-billion-dollar office renovation project. Powell, who was appointed by Trump in 2017, issued a rare video message earlier this month rebuking the investigation as a politically motivated effort to influence the Fed’s interest rate policy.

The investigation follows months of strident criticism leveled at the Fed by Trump. The president denied any involvement in the criminal investigation during a brief interview with NBC News hours after the Fed posted Powell’s video.

Over the past year, hiring has slowed dramatically while inflation has remained elevated, risking an economic double-whammy known as “stagflation.” Those conditions have put the Fed in a difficult position.

The central bank must balance a dual mandate to keep inflation under control and maximize employment. To address pressure on both of its goals, the Fed primarily holds a single tool: interest rates.

The strain on both sides of the Fed’s mandate presents a “challenging situation” for the central bank, Powell noted last month.

“There’s no risk-free path for policy as we navigate this tension between our employment and inflation goals,” Powell said.

If the Fed raises interest rates as a means of protecting against elevated inflation, it risks a deeper slowdown of the labor market. On the other hand, by lowering rates to stimulate hiring, the Fed threatens to boost spending and worsen inflation.

The criminal investigation into Powell raised concern among some analysts and former top Fed officials, who said it poses a threat to central bank independence.

In the event a central bank loses independence, policymakers tend to favor lower interest rates as a means of boosting short-term economic activity, analysts previously told ABC News. Such a posture could pose a major risk of yearslong inflation fueled by a rise in consumer demand, untethered by interest rates.

Federal law allows the president to remove the Fed chair for “cause” — though no precedent exists for such an ouster. Powell’s term as chair is set to expire in May, but he can remain on the Fed’s policymaking board until 2028. Powell has not indicated whether he intends to remain on the board.

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