Eagle Iron Works has signed a term sheet for the company to be purchased by a Pennsylvania company, the Des Moines manufacturer announced Thursday afternoon. An acquisition could save Eagle Iron Works from closing. It has been seeking a new owner since the death of its president, Andrew Krantz, in January, according to a report in The Des Moines Register. 

“Consummation of the anticipated acquisition is subject to a number of conditions, including execution of a definitive agreement,” wrote JD Geneser, a senior partner with LWBJ Capital Advisors, who is representing the company. 

A closing date has not been determined but is expected to be in October, Geneser said.

Eagle Iron Works, 129 E. Holcomb Ave., had notified Iowa Workforce Development that it expected to shut down in October and lay off 100 employees, the Register reported. 

Founded in 1872, Eagle Iron Works is Greater Des Moines’ 8th-oldest business, according to the 2012 Book of Lists.