Lincoln Electric, a firm based out of Euclid, Ohio bought the long established east side Techalloy Company for $37.0 million in summer of 2010.
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.
Robert Armstrong
12:28 am on Saturday, March 10, 2012
Does somebody want to translate this gibberish for all of us English Speakers?
Robert Armstrong
12:30 am on Saturday, March 10, 2012
ROTFLMAO "Appartently" What a Maroon!
Buzz Beeler
1:24 pm on Saturday, March 10, 2012
Ar you laughing at the loss of 55 jobs and the impact on those families Mr. Armstrong? If the typo is your expertise, let me help you, you don't need to capitalize the word "What."
DARRELL HAMMERBACKER
8:25 am on Saturday, March 10, 2012
And another Business leaves this sorry you know what State.And don't ask why because you should know why,the same reason Marylanders are moving.
Buzz Beeler
10:11 am on Saturday, March 10, 2012
Darrell, I understand the community may be attempting to delay the move but this will only impact the short term. The links indicate this is sadly, a done deal.
The buildings infrastructure is showing its age and would definitely need an upgrade.
john
11:19 pm on Saturday, September 8, 2012
This was an assets only purchase, the state of Maryland did not offer the incentive package that Ohio did for Lincoln to keep the business here. The only benefits offered to employees is move with the company to implement the new facility in Ohio, if you meet the criteria or unemployment, if you meet the criteria. It is unfortunately a very done deal.
Buzz Beeler
8:14 am on Sunday, September 9, 2012
John, so much for O'Malley's speech the other night. He certainly is a good talker but for walking the walk, that's another issue.
His "move forward" cry was old. I heard it when I ran for office. He has one goal and that is the White House and the heck with everything else. People will do anything for power and I mean anything.
Steve
8:30 am on Sunday, September 9, 2012
I thought you boneheads weer all about less government intrusion in private business. You can't make up your minds.
Buzz Beeler
11:56 am on Sunday, September 9, 2012
You mean O'Malley can't get his facts straight like in this case.
http://www.baltimoresun.com/news/maryland/politics/bs-md-financial-management-services-move-20120905,0,6349783.story
His move forward rings a little hollow now doesn't it. He moved alright, all these jobs right out of Maryland.
Buy one of Obama's flags and see where it's made. It ain't in the U.S.
Speaking of bone heads, wasn't yours made of cardboard at one time with the big painted eyebrows?
http://dundalk.patch.com/users/robert-armstrong/photos#photo-7100054
john
9:06 pm on Tuesday, September 11, 2012
We are long past the point of government intrusion in the private business sector. Take an Economics class Steve, most all economic structures have more than one basis. The only structure that stays true to its economic base is North Korea. Ours is leaning towards capitalism with a socialistic twist, govt bail outs and healthcare reform, but would still rather be us than them. In any event, I wrote about a company who is closing its doors in Maryland with a good bit of rich Maryland history that no one seems to care about. Its sad. Really sad..when people would rather argue politics than do something about a company that is close to a landmark and has developed and produced a product that builds bridges, buildings and oil wells and no one cared when another company bought it and the governor of their state called Marylander' s "foreigners", right in the Cleveland Plain Dealer in the February press release for Lincoln Electric. Maryland Govt should have stepped in and offered the incentives that Ohio did to create more jobs in a business that will only grow., period. They were asked and when I asked them why they did this, no reply.
amdactivist
6:00 pm on Sunday, September 16, 2012
Some Facts the md liberal don't tell you.. $2billion to illegal aliens a year. $1billion to educate their many kids .. Now they want us to subsidize college to kids 18-80.. with Dream act.. Who's dream I wonder. 4th highest taxed state in the country. #48 for job creation. Unemployment in baltimore city was 15% for black americans and 11% for mexicans .. about 90% are undocumented. Ever wonder who hires the illegals? Some post on patch.. and are omalley supporters. Md now #2 in food stamp fraud. Mayor Blake gives $150k to casa de md on fayette st to teach "illegals job skills".. wonder who's job they taking? Doesn't Blake know its a felon to hire them?
Buzz Beeler
8:13 am on Monday, September 17, 2012
Pandering for votes. How low can you go!
You have already stated the rest of the facts.