The Virginia Port Authority has converted 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 on 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, in a written statement. “Operationally, nothing has changed, we are the same company.”
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 VPA’s board of commissioners.