WILMINGTON, N.C., Feb. 7, 2014 (GLOBE NEWSWIRE) -- HAWK Manufacturing, Inc. who recently acquired Global Earth Energy, Inc. (OTCQB:GLER) terminated its agreement to purchase a majority interest in Trump Equipment Company, Inc., of New Braunfels, Texas ("Trump"). HAWK, a leading CNC machining company based in Charleston, South Carolina, had entered into an agreement with the majority shareholders of Trump to purchase the company on September 27, 2013.
"While remaining an attractive target for HAWK Manufacturing in the future, the acquisition of Trump Equipment Company at this time would have comprised our organic growth objectives," stated John Ragsdale, HAWK's Chief Executive Officer. Ragsdale continued, "We believe that our acquisition of NQM presents a more immediate and beneficial impact upon our long term growth strategies. By concentrating on products and services that provide higher margins, we feel we can better serve our shareholders by fully executing our current and future acquisition strategies."
HAWK announced on February 5, 2014 it acquire leading aerospace machining shop, NQM, Inc.
HAWK is acquiring companies that manufacture complementary products. When combined, these acquisitions would allow for the sharing of resources and provide customer diversification opportunities. HAWK intends to keep all manufacturing US-based preserving and expanding well-paying US jobs and proving a world-class manufacturing company can be built with US-employees. HAWK Manufacturing intends to use existing credit facilities for more than $25 million to complete transactions and intends to work with various states and local governments and finance authorities on tax incentives, and direct benefits that could top more than $40 million over the life of the company.
For more information about Global Earth Energy please contact Rich Kaiser, Business Consultant, YES INTERNATIONAL, 757-306-6090.
For more information about HAWK Manufacturing, please contact John M. Ragsdale, CEO, HAWK Manufacturing at 843-817-6106.
This release contains forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from results, performance or expectations implied by these forward-looking statements.