HAWK Manufacturing Announces Termination of Agreement to Acquire Trump Equipment Company, Inc.
February 07 2014 - 4:50PM
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.
CONTACT: Rich Kaiser
YES INTERNATIONAL
757-306-6090