Environmental Elements Corp. said yesterday that its primary bank, Mercantile-Safe Deposit and Trust Co., agreed to increase the company's credit line to $12 million, from $7 million.
EEC is a Baltimore-based supplier of industrial air pollution control systems.
The company will use the additional credit as working capital to support its recent growth, said E. H. Verdery, EEC's chairman and chief executive. EEC recently doubled its number of new contracts and is pursuing others in international markets, he said.
The credit-line extension "is significant because of the confidence our bank has shown in us," Verdery said. "This comes after a period of difficulty in the market, yet we've managed to prosper and survive a serious downturn."
The industry began to sag in 1990 and didn't begin to bounce back until last year, he said. He attributes the recovery to deregulation of the power industry.
"We've had six successive quarters of positive earnings." Verdery said. "We're confident we will be a profitable company, certainly this year, and we're looking for growth in the next two three years."
Pub Date: 6/23/98