Kristi Corporation will invest $1.1 million to establish a log load and fumigation facility at 1326 Portsmouth Boulevard in Suffolk. The company plans to source 100 percent of its exports from Virginia loggers. Virginia successfully competed with North Carolina and Pennsylvania for the project, which will create 10 new jobs.
“Once again, the world-class Port of Virginia and our skilled workforce enabled our commonwealth to successfully compete for this new lumber exporting facility,” said Governor Ralph Northam. “This project will benefit both the local economy and our forestry industry, and we look forward to partnering with Kristi Corporation as it grows in Suffolk.”
Founded in 2005 and headquartered in Piscataway, New Jersey, Kristi Corporation started as a small scrap metal trading company that now has branches in Canada and India, along with representatives located across the globe. Today, the company has expanded beyond simple scrap metals and grown into a reliable supplier of industrial raw material for aluminum and steel metallurgical industries. Kriti Corp exports a variety of logs, lumber, and biomass from North America to countries worldwide.
The Virginia Economic Development Partnership worked with the Suffolk, the Virginia Department of Forestry, and The Port of Virginia to secure the project for Virginia and will support Kristi Corporation’s job creation through the Virginia Jobs Investment Project (VJIP), which provides consultative services and funding to companies creating new jobs in order to support employee recruitment and training activities. As a business incentive supporting economic development, VJIP reduces human resource costs of new and expanding companies. VJIP is state-funded, demonstrating Virginia’s commitment to enhancing job opportunities for citizens.
“Kristi Corporation’s strategic decision to locate its newest operation in Suffolk holds benefits for the company, the economies of Virginia, the City of Suffolk, and The Port of Virginia,” said Stephen A. Edwards, Virginia Port Authority CEO and Executive Director. “The port will be Kirsti Corp’s international trade gateway, and we are ready to collaborate to leverage world-class efficiency being generated at this twenty-first century port. We look forward to serving as the company’s link to global markets for years to come.”