US firm R J Corman Railroad Company and current owner Ken Pippin have agreed to finalise the $13.9m sale of Carolina Southern Railroad by 1 August.
Carolina Southern ceased operation of the line in 2011 due of structural problems with a number of its bridges.
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Located in South Carolina, US, the 80-mile line extends from Mullins to Whiteville and Conway, where it connects to a line owned by Horry County that reaches Myrtle Beach.
Following the acquisition, R J Corman will make investments to overhaul the line so that it can become fully operational again.
The overhaul, which will begin immediately after the acquisition, is expected to take at least four months to complete.
R J Corman Railroad Group president and CEO Craig King said: "Our first step will be to more fully assess the rehabilitation that’s needed. Our railroad construction team will then efficiently bring it up to our high standards.
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By GlobalData"We also will meet with area business and industry leaders and economic development representatives to identify ways our railroad can expand their markets and save costs."
Once it is fully operational, the restored railroad is expected to create up to 30 jobs.
R J Corman Railroad Company sales and marketing vice-president Bill Henderson: "It’s easy to see there is tremendous opportunity for our company here and for the industries and agricultural businesses we will serve. We look forward to enhancing the states’ transportation systems."
R J Corman has turned ten light-density lines into commercial operations that provide service to hundreds of industries. It also provides industrial switching services, emergency response services, track material distribution, track construction, signal design and construction, and railroad worker training, as well as builds eco-friendly Railpower locomotives.
