March 12, 2012 12:59 pm ET
East side firm had long history in Baltimore, moving to Ohio.
The press release issued by Techalloy was dated July 29, 2011. Cleveland.com updated their story on the acquisition on February 9, 2012.
Techalloy, located at 2310 Chesapeake Ave. in the Saint Helena area, started back in 1919 as an early developer of carbon steel welding wires and electrodes under the Reid Avery trade name. After the change to Techalloy, it became a leading North American producer of nickel alloy and stainless steel welding consumables with another plant located in Perth, Ontario, Canada, under the ownership of Lincoln Electric.
The building was first built in 1942 under the Reid Avery name which subsequently became Techalloy. Techalloy does $70 million in annual sales and employees 55 people.
Company officials would not comment on whether or not the employees were offered any type of severance packages.
While Techalloy is located just inside the city in the Saint Helena area of Dundalk, the loss of $70 million in revenues and 55 jobs is yet another blow the Maryland’s economy and subsequently to Baltimore County which depends heavily on funding from the state.
On the flip side Lincoln Electric out of Ohio, plans a $40 million expansion and will hire 200 additional employees bringing their total number to 2,200.
The county and the state will assist Lincoln with tax credits, loans and cash payments if they can retain the newly created jobs along with its current work force for 18 years.
Another interesting note to this story is that Techalloy manufacturers nickel-based alloy welding materials, which are in high demand for use in the gas and oil industry at a time when gas prices are rising. Apparently Lincoln Electric places a high value on this asset.