RICHMOND, Va. - Gov. Ralph Northam announced Tuesday that Kristi Corporation, a global supplier of industrial raw material for aluminum and steel metallurgical industries, will invest $1.1 million to establish a log load and fumigation facility in Suffolk.
The facility will be located at 1326 Portsmouth Boulevard. The company plans to source 100% 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 Gov. 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. Kristi Corp exports a variety of logs, lumber and biomass from North America to countries worldwide.
“We were pleased to find a business-friendly atmosphere in Virginia and great support from the Virginia Department of Forestry for our project,” said Jeyapal Babu, CEO of Kristi Corporation. “Access to a world-class port system and employees trained in heavy machinery operation were also big factors in determining this new venture.”
The Virginia Economic Development Partnership worked with the City of 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 Program (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 the 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 Kristi Corp’s international trade gateway, and we are ready to collaborate to leverage the world-class efficiency being generated at this 21st century port. We look forward to serving as the company’s link to global markets for many years to come.”
“The forest products industry has provided jobs for our region for many years,” said City of Suffolk Mayor Michael Duman. “It is exciting to learn of Kristi Corporation’s expansion into Suffolk and to know the economic impact it will have on our community.”
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