CHARLESTON, S.C., Feb. 5, 2014 (GLOBE NEWSWIRE) -- Global Earth Energy, Inc.'s (OTCQB:GLER) partner HAWK Manufacturing, Inc. (HAWK) announces closing the acquisition of NQM, Inc., an aerospace machine shop. The acquisition is immediately accretive to HAWK's revenues and earnings.
NQM's primarily manufactures metal components of all types used for the aerospace industry.
Large manufacturers are seeking to outsource more production to independent companies, and because this company has excellent customer service and reliability, more business growth and opportunities have been obtained. Long-term agreements are in place for supplier work on various Boeing and Airbus projects, including work on most all of the civilian aircraft currently being produced by the two aircraft manufacturers.
HAWK's aerospace machine shop acquisition has strength in this current economic environment, as NQM, Inc. has added over 250 new part numbers to their production schedule this current calendar year from a premium customer. Based on current and expected sales, monthly revenues are targeted to be around $500,000 per month throughout the remainder of 2014 calendar year. Management remains confident that revenues could reach or exceed $1M per month upon closing pending contracts.
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 U.S.-based, preserving and expanding well-paying U.S. jobs and proving a world-class manufacturing company can be built with U.S.-employees. HAWK Manufacturing intends to use existing credit facilities of 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.
Rich Kaiser YES INTERNATIONAL 757-306-6090