Galveston Railroad
Encyclopedia
The Galveston Railroad is a Class III
terminal switching railroad headquartered in Galveston, Texas
. It primarily serves the transportation of cargo to and from the Port of Galveston
.
GVSR operates 32 miles (51 km) of yard track at Galveston, over a 50 acres (202,343 m²) facility.
The railroad was formed in 1900 as the Galveston Wharves Railway. It is owned by the City of Galveston, and GVSR took over operations in 1987.
On May 26, 2005, Genesee and Wyoming (GWI) announced that it has agreed to purchase the railroad operations of Rail Management Corporation
(RMC), parent company of Galveston Railroad. GWI paid $
243 million in cash and assume $1.7 million in company debt to gain control of 14 short line railroads from RMC across the southeastern United States
, as of June 1, 2005.
Class III railroad
A Class III railroad, as defined by the Surface Transportation Board, is a railroad with an annual operating revenue of less than $20 million . The term only applies to United States railroads, but is sometimes applied to other countries...
terminal switching railroad headquartered in Galveston, Texas
Galveston, Texas
Galveston is a coastal city located on Galveston Island in the U.S. state of Texas. , the city had a total population of 47,743 within an area of...
. It primarily serves the transportation of cargo to and from the Port of Galveston
Port of Galveston
The Port of Galveston is the port of the city of Galveston, Texas. It was established by a proclamation issued by the Congress of Mexico on October 17, 1825, while the land known today as Texas was still part of Mexico...
.
GVSR operates 32 miles (51 km) of yard track at Galveston, over a 50 acres (202,343 m²) facility.
The railroad was formed in 1900 as the Galveston Wharves Railway. It is owned by the City of Galveston, and GVSR took over operations in 1987.
On May 26, 2005, Genesee and Wyoming (GWI) announced that it has agreed to purchase the railroad operations of Rail Management Corporation
Rail Management Corporation
Rail Management Corporation , based in Panama City Beach, Florida, was a holding company of short line railroads in the southeastern United States.- History :...
(RMC), parent company of Galveston Railroad. GWI paid $
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
243 million in cash and assume $1.7 million in company debt to gain control of 14 short line railroads from RMC across the southeastern United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, as of June 1, 2005.