Norfolk – The Virginia Port Authority's (VPA) reorganization took another step forward this past weekend with the conversion of its terminal operating company, Virginia International Terminals, to a Virginia limited liability company.
The Virginia State Corporation Commission approved the conversion and it became effective Aug. 17. The new name is Virginia International Terminals, LLC.
"This is an important step toward streamlining our structure and becoming more aligned with VPA," said Joseph P. Ruddy, chief operating officer of VIT. "Operationally, nothing has changed, we are the same company. We have the same address, the same assets and liabilities and we have the same responsibility, which is to move cargo across these terminals as efficiently, economically and safely as possible."
The change will have no effect on contracts or other binding agreements that were signed during VIT's time as a corporation.
The move is part of a larger reorganization plan that was adopted in May by the VPA Board of Commissioners. When complete, the reorganization will centralize port operations under the direct oversight of the VPA to better align the economic development of the Commonwealth with the efforts of the port. Moreover, it will streamline port operations, create efficiencies and eliminate duplicate levels of effort and administration between VPA and VIT.