The U.S. Department of Agriculture has approved a $7,568,000 loan guarantee to Mississippi-based Twain Capital to help acquire and restart the idle Pine Products sawmill in Martinsville.
The funding is intended to support the facility as it resumes operations.
Located on Carver Road, the facility also housed operations by the Teal Jones Group, which suspended its local operations at the end of 2024.
“The USDA is relying on communities like those in Virginia’s Ninth District to support expanded timber production in the United States,” U.S. Rep. Morgan Griffith, R-Salem, said in a statement. “This USDA loan guarantee for more than $7.5 million helps Twain Capital revive an essential industry in Virginia’s Ninth District.”
Local officials declined to provide details about the project or comment on it specifically.
“Henry County continues to see strong interest from companies looking to invest in our community and build on our manufacturing and natural resource strengths,” said Brandon Martin, public information officer for Henry County. “Our team is constantly working behind the scenes with regional and state partners to attract and support new industry. While we are not in a position to comment on specific projects at this time, we remain committed to advancing responsible economic growth and look forward to sharing more information when it becomes available.”
