The Slaysman Co., an East Baltimore machine shop, is planning to close in the next two weeks after 107 years of operation, the victim of a poor economy and the enforcement of a loan agreement.
Walter O. Doeller III, the company's treasurer and general manager, said the company would close after it completes its remaining orders.
Mr. Doeller said the company's bank, which he declined to identify, called its loan after the company's net worth fell below levels required under the terms of a loan agreement, putting Slaysman in technical default. The company is not in bankruptcy or receivership, he said.
Slaysman, which was founded by Alexander Slaysman in 1885, had 70 workers as recently as a year ago when the company also operated the Dixie Air Engineering Co. Inc.
The work force has been gradually laid off over the past year and there are now only about 10 employees, Mr. Doeller said.