Virginia’s state attorney general says a lockmith’s sale of $20 million in locks was the largest ever in the state, and the locksmith’s company is expected to get a $20-million tax break.
Attorney General Robert F. McDonnell announced the settlement Friday.
McDonnell said the locks were purchased by the locks owner, a Virginia company called Lockhart, which has a business in Richmond.
The locks company will get a tax credit of $5 million, and Lockhart will get $1 million in cash.
Lockhart is based in Hampton Roads.
The company has been operating since 2008.
The sale was announced in March.
The attorney general said the sales raise $25 million for the state of Virginia, but said he could not specify how much of that was from the sale.
He said he would be pleased to have more information on the deal.
Lockhams was not immediately available for comment.
The settlement includes a $10-million, 20-year, fixed-price lease.
Lockwood, Virginia is located about 90 miles (145 kilometers) east of Richmond.