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Updated: 6:10 PM Jul 10, 2009
Slumping Trade Means VA Port Trying to Cut Costs
NORFOLK, Va. (AP) The operator of Virginia Port Authority's terminals is attempting to cut costs because of a slump in port trade. Posted: 1:00 PM Jul 11, 2009 |
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The operator of Virginia Port Authority's terminals is attempting to cut costs because of a slump in port trade.
Virginia International Terminals Inc. has announced a voluntary separation agreement for some employees and a pay freeze for hourly workers. Management is also feeling the pinch with a pay freeze.
The measures were outlined to the company's approximately 450 workers in a memo this week.
The president and CEO of Virginia International Terminals, Joe Dorto, said container volume is down about 22 percent at Virginia's port facilities.
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