The founder of Gulf Copper, Glenn Maxfield, moved from Galveston to Port Arthur, Texas in 1948. The following year Glenn Incorporated Gulf Copper and Manufacturing Corporation in Jefferson County Texas. Together with three other original founders, Glenn registered a company to fabricate steel and copper, and to sell steel and copper products. This July 29th, is the 70th anniversary of the company’s registration. Today, that company has grown from a small company in Port Arthur Texas, to a medium size company with a presence in each major Gulf Coast port as well as Ciudad del Carmen, Mexico. The services offered have expanded from steel and copper products, to include full ship and rig repair, specialty offshore services, international repair teams working in all corners of the globe, and marine surveying and consulting services for US and international interests. With seventy years behind us, we look forward to a bright future in the communities where we work with our local friends, colleagues and partners.
In April 2005, Gulf Copper won a competitive bid to re-open the abandoned shipyard property on Pelican Island and negotiated a thirty year scaled lease payment based on gross revenues with the Galveston Wharves Board. Gulf Copper Dry Dock and Rig Repair (GCDDRR) has been an active participant in the Galveston Maritime Industry for the last fourteen (14) years.
The original plan presented by Gulf Copper to the Galveston Wharves Board in 2005, was to develop 80 jobs at the Pelican Island shipyard, which had been without a tenant for 6 months. In the last 13 years, Gulf Copper Dry Dock and Rig Repair has averaged 325 direct jobs at the Pelican Island location, far exceeding the expectations of everyone. Considering induced and indirect jobs, Gulf Copper has created an average of 575 jobs in Galveston and Galveston County. Approximately 35% of the employees live on Galveston Island, 75% live in Galveston County, and the remaining 25% live in adjacent counties.
Gulf Copper Dry Dock and Rig Repair has paid out more than $280,000,000 in payroll, purchased over $300,000,000 in local and regional goods and services, paid to the Galveston Wharves board over $23,500,000 in lease payments, invested approximately $7,000,000 in lease hold improvements to the Port of Galveston property on Pelican Island, and paid over $2,000,000 in local property taxes. It is estimated that Gulf Copper’s customers have interjected another $150,000,000 to $300,000,000 into the Galveston economy over this same period through goods and services purchased from local businesses such as pilotage, floating cranes, diving, service companies, freight, hotels, meals, and entertainment. In 2009, Gulf Copper was successful in attracting Rolls Royce to invest more than $16,000,000 in leasehold improvements on the Pelican Island property. Gulf Copper is appreciative of the support we have received from the local and regional maritime community, and we hope that we have been able to provide a positive return through these fruitful relationships as well as a positive economic impact to the community.
The Port of Galveston has reported the Gulf Copper’s lease revenue in the top five (5) largest revenue generating customers for eight (8) of the fourteen (14) years. Considering the allocation of the Ports operations, overhead, and general and administrative costs against the specific revenue generating customers, Gulf Copper is likely the largest revenue generating customer on a net basis (i.e. revenue contributions flowing to the bottom line) for four or five of the years. This is estimated from the Port of Galveston’s lease revenue and operating expenses as reported in their annual reports. The Gulf Copper lease is in effect a triple net (NNN) lease: defined as a lease structure where the tenant is responsible for paying all operating expenses associated with a property. The triple net or NNN lease is considered a “turnkey” investment since the landlord is not responsible for paying any operating expenses.
With a long history of community involvement and engagement, Gulf Copper has been an active member of the Galveston Economic Development Partnership, and the Maritime Task Force of the GEDP since 2007. Gulf Copper has been a member of the Galveston Regional Chamber of Commerce since 2006. We have developed strong relationships with nonprofits such as with The Ocean Star Museum and Education Center, the Galveston Seaman’s Center, the Salvation Army, and Jesse Tree. We also have a close relationship with Texas A&M University at Galveston, and the Texas A&M Maritime Academy, as well as most businesses in the maritime cluster on Galveston Island.
Over the last seventy (70) years, Gulf Copper has built strong relationships in key ports along the Texas coast, and the relationships in Galveston are some of the strongest. We are proud to be part of the Galveston maritime community and look forward to many more years working alongside our friends, colleagues and partners.
Be safe in all that you do,
